Insurance

insurance

When you take out a mortgage on a property, it is likely you will be offered mortgage insurance. Mortgage insurance covers you for missed payments over an extended period (over 30 days) in the result of injury, sickness or unemployment.
Mortgage insurance also allows for people who fall into risk categories like the elderly and blue collar workers a greater chance of obtaining a mortgage.
However, if you do fall into those categories your premiums will invariably be higher.
  • Risk
  • Loan Protection Insurance
  • Home and Contents
  • Motor Vehicle

Risk Insurance

Personal risk insurances provide a financial benefit in the event of you suffering a serious injury or illness, or death. They include term life insurance, total & permanent disablement insurance, income protection insurance, and trauma insurance.
Families typically insure the breadwinner, but many do not insure the home-maker. However if the home-maker dies and is not insured, the breadwinner and their children could be left financially vulnerable. Could the breadwinner afford to take extended time off work or take a less demanding but lower paying job so they could look after the children? Or could the breadwinner afford to hire a carer to look after the children?
f the home-maker suffers a trauma and is not insured, could the breadwinner afford to pay all the medical and rehabilitation costs? And take extended time off work so they could look after the spouse? Or could the breadwinner afford to hire a carer for the spouse?

Loan Protection Insurance

Personal Loan Protection is optional and is available when you apply for our personal loans.

 

Personal Loan Protection will help pay your personal loan repayments if you:

  • Lose your job
  • Become unfit for work due to sickness, injury, or disease
  • Die, it will pay the balance owing on your personal loan up to $100,000.

Other benefits

  • 25% discount for two joint borrowers
  • No medical examination required when applying
  • You don’t pay more because of your age, job, or health record
  • You can claim even if you are entitled to benefits from another source, such as workers compensation, sick leave or Centrelink.

Home and Contents Insurance

The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium.

 

The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a  fire station; if the house is equipped with fire sprinklers and fire alarms.

Motor Vehicle Insurance

Vehicle insurance can cover some or all of the following items:

  • The insured party (medical payments)
  • The insured vehicle (physical damage)
  • Third parties (car and people, property damage and bodily injury)
  • Third party, fire and theft
  • In some jurisdictions coverage for injuries to persons riding in the insured vehicle is available without regard to fault in the auto accident (No Fault Auto Insurance)

Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or accident damage independently.

  • Types of Mortgages

    Types of Mortgages

    Lake Macquarie Mortgages & Commercial Finance will help you decide which plan is best for you. It is always a good idea to do a little research on what kinds of plans are available, so that you can better understand the plans proposed to you. Briefly, here are some of the types of loans you might be considering.

     

    • Repayment mortgage: This is the most common, and is the simplest to understand. Repayment mortgages work on a time-line basis, and unless there is a problem with your payment schedule, your loan will be guaranteed to be paid in full by the end of your commitment.
    • Endowment mortgage: This type of loan is paid bi-monthly. The first payment is for the interest on your loan, with the second being a fee paid to an insurance company for an endowment policy.
    • Interest only mortgage: This plan focuses on paying back the interest accrued first, leaving the capital owed to be paid at the end of the payment schedule.
    • Pension mortgages: This mortgage is also paid in two categories, bi-monthly. The first payment is for the interest on your loan, and the second is for a pension policy premium.

     

     

    Protecting Your Home Mortgages

    When acquiring a home equity loan, you will consider home mortgages payment insurance. In the event you are not able to pay for your monthly bill, this type of insurance will assist you.

     

    Without this insurance, and in the event of a financial mishap, you could lose your home. There are several types of this insurance coverage, and they will vary depending on your financial background, whether you are self-employed, as well as whether you are a part-time employee.

    After considering your options, it’s time to apply for a home mortgage loan.

     

    Email Lake Macquarie Mortgages & Commercial Finance and arrange an appointment.

     

    Once you apply, you will have a clearer picture as to exactly what types of loans are available to you for your financial situation.

    mortgages