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Mortgage Protection Insurance
There is common confusion between the words 'Mortgage Insurance' and 'Mortgage Protection Insurance'.
Let us try and simplify it for you:
'Mortgagee Insurance' is a type of policy you may have to get when you apply for a home loan and your deposit is less than 20% of the purchase price. This insurance does not protect you, it protects the bank should you not be able to meet your repayments and they are forced to sell you home.
Mortgage Protection Insurance, on the other hand, can either:
- cover death and total permanent disablement, or
- cover death and total permanent disablement, as well as your mortgage repayments
- cover death and total permanent disablement, or
- cover death and total permanent disablement, as well as your mortgage repayments
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