Almost 60 percent of Australians believe they would need to sell an asset within three months of losing their income – this is because many do not have loan protection insurance.
Every year, 130,000 of us will have a cancer diagnosis or 54,000 will suffer a heart attack
There are over 1,000 strokes in a week alone!
Yet many of us do not ask the question of how we will maintain our repayments in such dire circumstances?
If you were retrenched, how would you keep paying the mortgage? Many of us believe that they would need to lean on family and friends, or that they would need to access their super (though many such insurances would not cover job loss).
Good mortgage brokers can offer their clients loan protection insurance which offers them peace-of-mind. Typically they cover involuntary unemployment, death and terminal illness as well as the major medical conditions.
None of us like paying insurance premiums, but home insurance can feel like a God-send after a cyclone. And car insurance is the same when we see how much repairs can cost. The same applies to loan protection – a necessary evil.
If you want to discuss whether you have adequate loan protection insurance, please contact Chan & Naylor Finance
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.