What would happen if a serious accident or illness left you unable to meet your mortgage repayments or other obligations?

Nobody likes to think about falling ill, suffering a serious accident, or worse still, dying, but the truth is sometimes serious illness or misfortune may happen. If you have substantial obligations, such as a loan for a family home, and have a family to think of, what would you and your family do should you no longer be able to earn an income? When it comes to taking out a home loan you may wish to consider whether it is appropriate to take out mortgage protection insurance, illness, accident or total or permanent disability insurance, to cover you if anything goes wrong. Covers, types and levels will vary from one provider to the another, but usually you will be able to take out cover for the total value of your home loan. There could be a cap or limit or different circumstances when cover could apply.

Types of illness cover vary but can include Life Cover and Terminal Illness which provides lump sum benefits in the event of loss of life or terminal illness. Some types of insurance may also cover you in the case of accident and trauma. It may also cover heart attack, cancer, stroke and coronary artery bypass surgery. Cover can vary according to your individual needs and budget and you may be able to pay for your insurance in full or via instalments. If you’re a household with limited assets and you depend largely on one income, you may wish to consider your insurance needs. Call us today and we can put you in touch with qualified insurance advisers who will look after your needs.

You can discuss this topic or enquire on any information regarding your home loan by contacting John Whitten on his mobile 0410433919 or at Individual Home Loans 0749722081. He can also be contacted via email on jwhitten@ihl.net.au or through facebook and twitter at www.ihl.net.au.