What is mortgage protection?
Mortgage protection is a type of insurance cover which can help you with your mortgage repayments if you become unwell or injured and are unable to work. Mortgage protection helps to ensure that you will not lose your home should you fall ill or injured.
Why do I need mortgage protection?
Life can be unpredictable, and you want to make sure you, your family and your home are protected if/when confronted by personal illness or injury which impacts your ability to work. Knowing you are protected can take some of the stress out of being unwell so that you can focus on your recovery.
How often will I get paid if I need to make a claim?
There are a couple of options you can choose from to cover your mortgage if you become too unwell or injured to work, which you can discuss in detail with your Moose insurance adviser.
However, mortgage protection is usually straightforward; you choose the amount of protection (to match your repayments), and select a ‘waiting period’ and a ‘payment period’.
The payment period is the amount of time that you choose to be covered for if you are unable to work and repay your mortgage.
If I am injured in an accident and am eligible for ACC payments, how will this affect my mortgage protection cover?
Unlike income protection, ACC payments will be made in addition to mortgage protection payments.
Please note that ACC has a well-defined framework for what they will and will not cover. This means that if you are unable to work because of an illness or injury which is not related to an accident, you probably will not be eligible for ACC payments.
We recommend visiting ACC’s website to best understand their level of cover.
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Benefits of mortgage protection
01 Peace of mind
It is impossible to predict how life will unfold; however, mortgage protection offers peace of mind so that you will be appropriately cared for when it comes to claim time.
02 Financial certainty
Taking out mortgage protection can relieve the financial stress associated with your living costs so you can focus on your recovery. Mortgage protection means that you won’t have to dip into your savings to pay for your mortgage repayments, other living expenses and rehabilitation or medical costs.
03 Trusted advice
Moose insurance advisers are here to make sure your insurance is fit for purpose. We tailor a plan to provide the right cover to meet your needs, so that you are not under- or over-investing in your insurance policy. When it comes to claim time, we are also here to guide you through the process.
04 Flexible waiting period
Most mortgage protection products allow you to choose a benefit waiting period of between 2 – 104 weeks. This allows you to align your own situation with your cover’s waiting period, which will be reflected in your premium price.
05 Flexible benefit period
Most mortgage protection products allow you to choose a benefit payment period of between 2 – 5 years or to age 65 – 70. This allows you to align your own situation with your cover’s benefit period, which will be reflected in your premium price.
06 Back to work support
Most mortgage protection products offer back to work support in the form of a partial payment. This will make up the difference of what you would have received as a full benefit if you were unable to work at all, thus supporting your transition back into work.
Why should I use an insurance adviser?
An insurance adviser will be able to run through a series of questions with you, to gather enough information to determine your financial position. This will enable us to understand what type and level of cover would be required to meet your needs, whilst balancing the affordability of your premiums.
Moose Mortgages & Insurance is accredited with a range of providers. This enables us to provide our clients with competitive pricing, and solutions to meet your needs.
- Advice recommended to suit your individual circumstances
- Access to a range of insurance providers
- Save time by letting us do the heavy lifting on your behalf
- On-going management of your insurance policy
- No fee service for our recommendation
Use our link ‘Get Started’ to create a profile, and complete a series of questions to identify what types of insurance you may be interested in. This will take only a couple minutes.
Once you’ve completed our online fact find, an adviser will be in touch to arrange a time to meet you in person, or online through video call to discuss the information disclosed. We will add any additional information that may be fit for purpose, along with a needs analysis to determine suitability of the insurance.
An adviser disclosure document will be provided outlining the adviser’s scope of service, personal details including FSP (Financial Service Provider) registration number, and how we are paid by the insurance companies. If a fee applies for our advice this would be disclosed upfront prior to you engaging our services
After we’ve gathered all the information from our meeting, we will begin the process of research and analysis. This will include comparing product provider’s pricing, product benefits and features, insurer financial ratings, and claim payout percentages for the previous year.
We will use our research findings to tailor a recommendation that is aligned to the needs based information gathered in our first meeting.
Once our recommendations are ready we will arrange a time to catch up with you to review the document either in person, or online through screenshare.
In this second meeting in person, or through screenshare, the adviser will talk you through the options in our statement of advice (recommendation) document, and answer any questions you may have.
If the advice provided requires variations the adviser will take notes, and rework the recommendations to ensure your needs are met prior to you either accepting, or declining the recommendations.
If you accept the recommendations provided by the adviser, we will lodge an application to the insurance provider on your behalf. This will require us to complete the insurer’s health questionnaire along with your personal details. This application usually takes around 20 – 30 minutes to complete.
Your completed application will be sent to underwriting for approval, where they will either issue the policy if there are no conditions, or come back to us to advise you there are conditions for us to work through prior to the insurer providing you a policy offer to accept.
Your adviser will contact you annually to review your insurance. This is to ensure that your cover remains fit for purpose through the changes in your life. We are here to ensure you are looked after for the long term.