Do life insurance products cover mortgage payments?

 

You've put forth a lot of effort to buy the house of your dreams. Would you, however, be able to make your mortgage payments if you became ill or injured and were unable to work? According to government research by the Australian Institute of Health and Welfare, cancer is still one of the top killers of persons between the ages of 45 and 74, while accidents continue to be among the leading causes of death for those under the age of 44. You want to spend time concentrating on getting back to health rather than stressing about money or mortgage payments whether you've been in a car accident or have cancer. According to the Australian Institute of Health and Welfare, more than a third (35%) of Australian households have a mortgage, making it more crucial than ever to have emergency savings. According to research, between 30 and 37 percent of Australians between the ages of 18 and 69 have taken out life insurance products like Income Protection to relieve the stress of worrying about their mortgage payments each year. We'll go over the benefits that TPD, Income Protection, and Critical Illness (Trauma) Insurance can provide for keeping a roof over your family's head in the sections below.

Income Protection helps cover Mortgage: If an illness or injury renders you totally or partially disabled, incomeprotection insurance may begin to pay you as a substitute source of income if you are temporarily unable to work. That might be the case if, among other things, you had a heart attack, fractured your leg in an accident, or harmed your back while doing household chores. With up to 75% of your income, a monthly payment for a designated length of time can help you support your family and maintain your home while you're recovering . Income Protection insurance can ease the financial strain and anxiety associated with making mortgage payments if you need to take a significant amount of time off work to recover from an illness. Mortgage payments can be covered by income protection insurance, which is paid out in monthly instalments, allowing you to focus on getting back on your feet. If you have a right mortgage broker by your side then they will be able to help you getting IP benefits which are mentioned above. 

Critical illness helps cover Mortgage: If you are extremely ill or injured and need considerable medical care to recover, critical illness (trauma) insurance may be able to provide coverage for you.
When you need it most, your (Trauma) Insurance policy may provide you with a lump sum payment similar to TPD. You can use your Critical Illness (Trauma) Insurance to help pay for your medical care or to help pay for your recovery.
It's crucial to concentrate on getting back on your feet while you're taking time off work to heal from an illness or injury. This can entail immediately reducing your working hours or taking an extended leave of absence. By providing you with a lump sum payment that may be used for your mortgage payments while you focus on your recovery, critical illness (trauma) insurance can give you peace of mind.
TPD helps cover Mortgage: If an accident or sickness renders you permanently handicapped and unable to work, TPD insurance may be able to give you a lump sum. The money can be put towards clearing your mortgage as well as being utilized to obtain medical and rehabilitation services .The stress of not having a steady source of income to cover your mortgage may be lessened as a result, and you will be free to concentrate on your health, which is more important.

Home is where the heart is: The truth is that an unexpected illness or accident typically necessitates time off work or a permanent absence from work, and if this time off exceeds your earned sick leave, you and your family may be left without enough money. At Angelic, we recognise that each person's situation is different and that everyone needs to recuperate in their own time. The correct financial help allows you to focus on your recovery while providing your family with security for the future.