Are you one of the many Australians who have a difficult time making monthly mortgage payments? Have you ever considered mortgage insurance?
Mortgage stress is defined by the Australian Bankers Association as a situation in which more than 30 percent of the household’s income goes toward mortgage payments.
In addition to 35 percent of Australians reporting that they had felt the pressure of mortgage stress, 15 percent of survey participants said they had months when they didn’t know whether they would be able to make mortgage payments at all.
Even for those who aren’t experiencing mortgage stress, experts say that it is crucial for homeowners to buy life insurance. If you become seriously ill or injured and are unable to work, life insurance cover will relieve your family of the worry of whether they will be able to keep a roof over their heads.
“When making a major financial decision, [one] thing you should always consider is life insurance,” Jenny Doering a home mortgage specialist for AgStar Financial Services, advises.
Additionally, if you are paying off a mortgage jointly with a spouse or a partner, and one of you is killed, losing your house as well would make the situation far worse.
A life insurance policy with a payout big enough to pay off most or your entire mortgage will provide you and your family with added peace of mind.
Research has shown that for every home lost to fire, another four are lost because of someone’s death, and 48 more because of disability. The average home loan in Australia is $384,000, but the average life insurance policy is only $91,000.
miPlan’s online application process can help you get up to $1 million worth of life and disability insurance protection in fewer than 10 minutes.
Our life insurance calculator can not only help you figure out how much protection you need, but will also compare life insurance quotes from Australia’s top direct life insurance companies, then get you covered instantly with a simple online application process.