Questions Regarding Loan Protection Insurance

Mortgage and loan  protection insurance is designed to help you, and your family keep up-to-date with your loan repayments, when life events happen unexpectedly and regardless of mitigating circumstances. Put simply, mortgages or loans are often long-term commitments, so it makes sense to protect them.

Do You Think About the Unexpected?

There are a number of reasons why even the most responsible money managers may get into financial difficulty. Any of the following reasons can strike at any time and will leave you struggling to make your loan repayments:

• > Change in health - due to sickness, injury or disease

• > Loss of income - due to involuntary unemployment, or

• > Death and Terminal illness - when cancer, stroke or heart attack, etc. may occur.

Loan and Mortgage Protection Insurance – The Benefits

There are a number of benefits you can get from having a loan and mortgage protection insurance plan in place, which include:

• > The premiums are fully tax deductible

• > Financial protection (you will save your family the worry of lost income)

• > You will save at tax time (you will get more money back in your tax return, and this means more money in your pocket)

• > You can choose how long you would like to receive cover benefits if you are injured and unable to work

• > Benefit payouts for total and permanent disability

• > A benefit amount (e.g. hospital cash) can be calculated for each night you spend in hospital

• > Associated accident costs can be provided to cover incidental costs (e.g. counseling and rehabilitation).

 Common Questions regarding Loan and Mortgage Protection Insurance

Is Lenders Mortgage Insurance (LMI) different to Loan and Mortgage Insurance?

• > LMI - is compulsory and covers the lenders/credit providers if they lend you 80% or more

• > Loan and Mortgage Protection Insurance - covers your mortgage repayments in the event of death, sickness, unemployment or disability

Does the Unemployment Benefit apply if I am Self-Employed?

Yes. You may make a claim if:

• > You have worked in your business (for an average of 20 hours per week) for 180 days immediately prior to becoming unemployed, or

• > Your business has permanently ceased trading

What Happens to my Policy if my Unemployment Claim is Successful?

Your cover continues for death or terminal illness after making a successful unemployment claim, and your premium and benefits will remain the same.

Who will be the beneficiaries?

• > For a single life policy, the benefit will be paid to the policy owner or their estate, and

• > For a joint policy, the benefit payments are made to the policy owners jointly or to the surviving policy owner in the case of the death benefit

What happens if I need to make a claim and I have other insurance policies?

Upon acceptance of your claim, the loan or mortgage protection policy will payout a lump sum benefit directly to you or your estate and this will be in addition to any other payments you may receive from other insurance policies.

What if I am a Smoker now, will my Premium Change if I Stop Smoking?

• > Yes. Your premium can be changed to a non-smoker rate if you stop smoking for 12 consecutive months, and

• > You will need to make a declaration that you have not smoked any substance during this period

So, now that you are familiar with how "Loan and Mortgage Protection Insurance" can protect you and your family against any of life's unexpected events, contact an insurance broker. 

Car Loan For Students

Not have time with us. Yes, the students are a busy mass with lots of activities to do in the same time. Go for college, go to extracurricular activities, go for extra classes, go to Jim's, go for meditation, go for yoga, and of course go for partying. 24 hours seems to be very short for them. Day should have been of more hours!

And now in this busy schedule, commutation is a real huddle. Standing in queue for bus, train, auto, or even best of public transportation like metros is no easy task. If they lack something, it's time and whichever means of public commutation they choose, its time consuming and stress building. Why not to have a vehicle of own then? Not a bad idea! Is not it?

Yes in the most productive phase of life if they can save upon time, it is less than nothing else. And, now days with budget cars coming up in market in lots, to have a car of own is every student's wish. It is not very feasible for middle class family to buy a car for a college going child; though, every parent hopes to give best to their child. However with Auto Loans for College Students parents can get easy loans with lower interest rate.

 

Now days even the students are getting self-independent with respect to pocket money. They prefer to do many part time jobs to be self-reliant. And for such students having a car with their own money to cope the busy phase of life is good enough. But of course, total down payment is not an easy option. They would need loan for the same and Auto Loans for College Students suffices such need of a student. There are many affordable payment options that can help the students pay the installments of their own with their part-time jobs.

The loan term is very short to be completed before the completion of studies and moving ahead in life leaving the car back. Apart from this, in the later phase of service period of the parents of grown up children, having short term loan is more convenient as they can pay it back in their service period.

Yes in the most productive phase of life if they can save upon time, it is less than nothing else. And, now days with budget cars coming up in market in lots, to have a car of own is every student's wish. It is not very feasible for middle class family to buy a car for a college going child; though, every parent hopes to give best to their child. However with Auto Loans for College Students parents can get easy loans with lower interest rate.