mindblower

Hi

Entering the property market for the first time, with a mortgage.

Any thoughts,tips,advice on mortgage insurance,life insurance at all?

ie are they essential ? or rip off policies ?

Cheers

Daveo

bcworld

' (Lenders) Mortgage Insurance' is not something that gives YOU any benefit.....it's there to cover the bank in the event that you default....not cover your payments in the event that you cannot pay for some reason. It's like the bank makes a decision as to whether to lend you money, but covers their ass anyway, but gets you to pay for it!! However if you have less than a 20% deposit you will generally have no choice but to pay it.

harrip

Regarding life insurance component, it is worth getting a quote via your super fund. I found that to be more competitively priced than life insurance through the banks.

Andrew Williams

Hi Daveo

I am a Financial Adviser and would be more than happy to give you some Life Insurance and Income Protection quotes.

As Harrip says it is possible to arrange extra Life cover within your Super but you have to realise that this is generally group cover contracts and could mean that it is not structured specifically to you.

The other point with Life Insurance within Super is that there may be possible tax implications upon payout depending on who the money is going too.

Drop me a PM if you like and I can get some illustrations over to you.


Andy

mindblower

[/QUOTE]

In the midst of xferring pensions ova, but not here yet,so complicated on the life insurance front currently.

Andrew Williams

No problem