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The purchase of a house is probably a person's biggest financial commitment. Since it is our biggest asset, why not take steps to ensure that we have our home loan covered?
Mortgage Insurance, also commonly known as Mortgage Reduced Term Assurance (MRTA), provides coverage for the home loan. This is important because if the payor is no longer able to service his loan due to his passing, the family will have enough to pay off the home loan. Mortgage Insurance provides a lump sum payout which decrease over time as the home loan is paid off. Such plans also provide options for coverage on Terminal Illness, Total & Permanent Disability or even Critical Illnesses.
Premiums are affordable and often end before the loan tenure. One can choose the desired coverage amount and number of years to cover.
Opt for it to cover the home loan and have a peace of mind!
Stay Tuned for the next article! Contributed by our guest writer, who's also a leading practitioner in the financial advsiory industry. To get in touch with our guest writer, you may like to PM us at 85565271.