Mortgage Protection Insurance - MABS Investigates In MABS we receive a lot of great questions. Questions that we know many people want to ask, but don't know who to ask or where to start. This week's question is to do with Mortgage Protection Insurance and whether you should continue to pay it if you apply for a mortgage payment break. Click the question below to go to the answer you'd like to read or continue scrolling to read them all Mortgage Protection Insurance (MPI) is an insurance policy that pays off the remaining mortgage where an insured party dies during the term of the mortgage. If there is a joint mortgage in place, both parties will need MPI. This insurance runs for the...
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Mortgage Protection Insurance Mortgage protection is an important part of your mortgage requirements. Your mortgage is one of the largest financial commitments you are likely to take. Budgeting for your mortgage protection is an important part of the mortgage process, as these payments are often overlooked when calculating how much you can afford to borrow. Many financial advisors talk of a fully protected mortgage. Detailed below are the main ways to protect your new mortgage. Fully Protected Mortgage A fully protected mortgage is simply protecting your mortgage commitment against every eventuality that could occur during the mortgage term. By covering all of these you are secure that your...
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This is a monthly benefit policy geared around ensuring your mortgage payment is covered by insurance should you be out of work due to Accident, Sickness or Unemployment. When you arrange your mortgage and collect the keys to your new home, whether you’re a seasoned veteran of property purchase or a first time buyer, mortgage payment protection insurance (MPPI) is an easy oversight. As you rush to move in, plan the redecorating or a lavish housewarming, failure to insure one of the most expensive purchases that you ever make could see your dream home turn into a nightmare. ‘Mortgage Payment Protection Insurance’ is an inclusive, flexible and easy way to ensure that your home is safe no...
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Have you ever thought about what would happen to your family home if you were no longer able to meet your mortgage repayments? The fact is, many homeowners are just one pay check away from losing their home. Mortgage Protection Insurance covers your mortgage repayments when you can’t: in the case of a major illness, redundancy or even death. Here’s what you need to know. What is Mortgage Protection Insurance? In order to preserve your families’ way of life should something happen to you, it’s important you are adequately covered so you can feel secure knowing that your home loan repayments will continue no matter what. A typical Mortgage Protection Insurance policy will cover your mortgage...
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Have you ever thought about what would happen to your family home if you were no longer able to meet your mortgage repayments? The fact is, many homeowners are just one pay check away from losing their home. Mortgage Protection Insurance covers your mortgage repayments when you can’t: in the case of a major illness, redundancy or even death. Here’s what you need to know. What is Mortgage Protection Insurance? In order to preserve your families’ way of life should something happen to you, it’s important you are adequately covered so you can feel secure knowing that your home loan repayments will continue no matter what. A typical Mortgage Protection Insurance policy will cover your mortgage...
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We all aspire for high standards of living for ourselves and our loved ones. However, we may not have a vast source to fund our dreams like a new home, car, and others. So the option available to us would be loans, and many of us use mortgage loans to finance our needs. However, most often, we fail to acknowledge the possibility of unexpected events that may occur in the future. Mortgage Protection Insurance is a life insurance policy designed to pay for the insured person’s mortgage in case they die before paying off the loan. How does Mortgage Protection Insurance work? For people who opt this policy, the death benefit would equal the amount of their original mortgage loan. With time, as...
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Many Canadians aren’t familiar with mortgage protection insurance. Unlike the better-known mortgage insurance, which is purchased from the Canada Mortgage and Housing Corporation (CMHC), mortgage protection insurance is essentially a type of life insurance. It covers the borrower’s mortgage debt if that person dies or becomes disabled. Banks generally try to sell customers this type of insurance when they sign up for a new mortgage. Insurance premiums are then added to the borrower’s monthly mortgage payments. Many personal finance experts advise their clients not to buy mortgage protection insurance if they’re looking to take out a home loan. Listed here are some of...
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What Is Mortgage Protection Insurance? There are various types of Mortgage Protection Insurance Available Mortgage Protection Insurance is a term used to encompass various different types of cover designed to protect borrowers from events which could severely impact upon their ability to maintain mortgage payments. There are different variations but when connected to a mortgage they are all there to provide peace of mind and usually fall in to the following categories: Accident, Sickness, Unemployment (ASU) Cover Life Cover Life cover generally falls into two types – “Whole of Life” or “Term Assurance.” Whole of Life cover is guaranteed to pay out a lump sum on death, whenever it occurs....
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Legal fees, property transfer costs, stamp duties: the costs of buying a home can add up to an unexpected amount, and that’s before most consumers even look at insurance. Insurance is in fact often viewed as a grudge purchase and, while the average homebuyer does realise its inherent value, he is often not equipped to effectively measure intangible risk against tangible cost. Financial consultants are frequently asked whether mortgage protection insurance (MPI) is really necessary if the home buyer has a life insurance policy, and the answer is relatively simple. Insurance is all about understanding your profile, knowing your desired outcomes and covering the right risk element and, if your...
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Your home is a place where memories are created; it is a place to watch children grow, to celebrate life and a place to support each other during times of sorrow. What would you do if you had to sell your home due to a family tragedy such as a job loss, critical illness, total disability or death? The good news is that even though unexpected tragedies do happen, you can protect yourself and your loved ones from financial heartaches. With Group Mortgage Protection (GMP), provided by our partners at CUMIS, you have a safeguard that frees your family from mortgage payments, saving them from financial hardship during life's uncertainties. Life is too short to worry, learn about how this...
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