Buying guide
Do I need mortgage protection insurance + what does it cost?
A guide for MP insurance newbies
AI summary
Mortgage protection insurance provides monthly payments to cover your mortgage if you're unable to work due to illness or injury. When choosing a policy, it's vital to understand the level of cover, wait and payment periods, and any exclusions.
Costs vary based on your age, health, and mortgage size. Before buying, assess your personal situation, including your emergency fund and sick leave. Always shop around for quotes, as you are not required to use your bank's provider.
In this mortgage protection insurance guide we’ll cover
What is mortgage protection insurance?
Mortgage protection insurance fine print
Not everyone needs mortgage protection insurance, but for most with a mortgage it's worth considering.
How much does mortgage protection cost?
| Insurer | Fidelity Life | AIA | Asteron Life | Chubb | |||||
|---|---|---|---|---|---|---|---|---|---|
| Monthly premium | Monthly premium | $37.37 | $37.37 | $37.42 | $37.42 | $38.77 | $38.77 | $41.41 | $41.41 |
| Cashback | Cashback | $74.09 | $74.09 | $99.79 | $99.79 | $93.05 | $93.05 | $83.78 | $83.78 |
Do I need mortgage protection insurance?
If you've got a family and financial responsibilities it's important to regularly review your insurance
Key differences between income and mortgage protection
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