Redundancy cover for your mortgage?

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Dec 16th 2008, 11:22 pm

Rudi

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Joined: Jul 2005

Location: UK 2 Singapore 2 Sydney 2 Brisbane.....here to stay!

Posts: 1,307

Redundancy cover for your mortgage?

Back in the UK it was possible to take out insurance to protect your mortgage payments if you were made redundant.....

I have been looking for the same thing here in Australia and don't seem to be able to find anything. Does anyone know if such a thing exists? If you do please can you let me know which companies offer this sort of insurance. I've spoken to the mortgage company and their income protection, which seems to be pretty standard, only covers you income if you are "unable to work" because of sickness or injury. My hubby has this sort of insurance through his salary package anyway, so it's of no use to us.

Any advice would be very welcome.

Thanks

Rudi

Dec 17th 2008, 12:12 am

ABCDiamond

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Posts: n/a

Re: Redundancy cover for your mortgage?

Try ANZ, as one example:

http://www.anz.com/aus/Invest-And-In...ctionInsurance

Quote:

Points to consider...
Taking out a mortgage protection policy will provide protection for your mortgage, but remember there are other financial commitments you would need to meet in times of strife. Consider what requirements you have for life insurance in addition to debt protection

How long a disability or involuntary unemployment claim will be paid for