It’s a question we should all ask ourselves. When you’re fit and well, protecting your mortgage is possibly not something you would consider a priority; after all becoming seriously ill is something that happens to “someone else”.
Unfortunately statistics show there is a real possibility that it may happen to you. If you lost your income through serious illness or death, the threat of losing your home could become a reality in a short time frame.
How would your family pay the mortgage if you became seriously ill?
You may think that your super has you covered or you have another policy that will see you through. Unfortunately you could be wrong. Research has consistently shown that Australians don’t take out adequate levels of insurance to protect themselves and their family. In fact, research commissions by the Investment & Financial Services Association in 2005 showed that only 4% of the total population with dependent children have adequate levels of life insurance.
It’s important to us that our customers have access to a quality loan protection product with a premium that is affordable. That’s why we work with Australian Life Insurance.
ALI’s Loan Protection Plan, issued by TOWER Australia Limited, provides financial assistance in the event of death, terminal illness or one of 11 serious medical conditions, such as cancer. The first three months cover is free, giving you time to think about your position and consider your options while you are covered. You can obtain a Product Disclosure Statement from your Mortgage Providers loan consultant and this should be considered when deciding whether to acquire the product.
Premiums generally cost no more than a daily coffee and the benefit can be used for any purpose; it’s entirely up to you. You can pay your mortgage payments, family and household expenses or doctor’s bills, for example. Applying is simple with no medicals or blood tests, just a short application form.
Please consider your needs, have a serious think about the 3 months free offer and contact your Mortgage Providers loan consultant if you have any questions.
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