Hi all, can anyone suggest a good company for mortgage insurance.
also income protection insurance
thanks
also income protection insurance
thanks
Mortgage insurance and/or income protection insurance
- Thread starter Tulamalula
- Start date
thanks aaron, why do i need a financial adviser to point me in the right direction? aren't all policies about the same? I am a bit clueless here
Because each lender has different payout policies and payout amounts, and whether they are indexed or not. Also you need to work with someone to estimate what pay out you actually need. There's no point paying for a policy which is both inadequate in amount and may even refuse a pay out if you do not fit the policy criteria for one. A financial advisor is an expert on these matters so they will know who is best - I use one for my own stuff.
just like all cars arent the same ............. or mortgages.
I used to say they arent like fridges, but even there in this day and age a fridge aint a fridge
ta
rolf
any suggestions who I can use? I was just going to go online, complete a form answer the questions honestly, read the policy and pay the premium.
not a good idea?
not a good idea?
Have you actually SEEN an insurance policy? With the pages and pages of fine print?
i thought i had but it doesn't seem the online policy documents are actual insurance policies - where do I go to get some help with this? Our insurance my be difficult as hubby has a pre-existing condition - we may not get it at all.
Do I just google financial adviser Perth?
Do I just google financial adviser Perth?
Online insurance policies (and most of the other cheap ones that approve you very quickly) don't actually assess you at the time of the application. They assess you when you actually need the money.
As a result when you actually make your claim, they assess your eligibility for insurance at that time (despite having taken money from you in the meantime). This could result in your claim being declined.
As a result when you actually make your claim, they assess your eligibility for insurance at that time (despite having taken money from you in the meantime). This could result in your claim being declined.
Not sure what i meant by mortgage insurance, maybe an insurance to cover mortgage payments if you lose your job, but you'd want income protection insurance.
Anyway, i've gotten back to my accountant and they have a financial adviser who specialises in insurance policies, so we'll see what they have to say.
Anyway, i've gotten back to my accountant and they have a financial adviser who specialises in insurance policies, so we'll see what they have to say.
I think what you mean is the watered down version if income protection insurance, I think it's called home loan protection insurance.
It's actually fairly useless as it only covers a very narrow scope of circumstances and only covers your mortgage and ignores all the other reasons you need an income. You're far better off to do it properly and seek financial advise.
It's actually fairly useless as it only covers a very narrow scope of circumstances and only covers your mortgage and ignores all the other reasons you need an income. You're far better off to do it properly and seek financial advise.
Agree with the others - get a good financial adviser to give you the run down on product options and make a recommendation on what is likely to suit you best.
The planner in my office deals with interstate clients all the time so you're not necessarily restricted to using one in your own city. Word of mouth can be a helpful way of finding a good planner - I'm not sure if there are any on the forum
Cheers
Jamie
The planner in my office deals with interstate clients all the time so you're not necessarily restricted to using one in your own city. Word of mouth can be a helpful way of finding a good planner - I'm not sure if there are any on the forum
Cheers
Jamie
Soooo, after a tiny bit of looking into this, we can't income protection insurance due to a preexisting condition. We can get it for the normal things like surprise heart attack, hit by a tree, car accident, things one never expects, so we will get it for that.
It won't include the one condition that is most likely needed - so we're looking at two lots of insurance, income protection for the above, and mortgage insurance.
Our main issue if something happened to Bob would be paying our PPoR mortgage.
It won't include the one condition that is most likely needed - so we're looking at two lots of insurance, income protection for the above, and mortgage insurance.
Our main issue if something happened to Bob would be paying our PPoR mortgage.
