To protect your loved ones, you first have to protect one
of your biggest assets – your property. That’s why you need
Mortgage Insurance to ensure that your outstanding
mortgage loan amount is covered in the event of death,
terminal illness or total permanent disability.
It’s compulsory for all HDB owners to purchase Home Protection Scheme (HPS), which protects against the loss of your home should something unfortunate happen to you. Although it’s not compulsory, private property home owners with outstanding mortages should also consider protecting themselves with mortage insurance. Here’s what it can do:
If you own a HDB flat, you can take up Home Protection Scheme (HPS) which protects you and your family from losing your flat in the event of death, terminal illness or total permanent disability, up to age 65. HPS is a mortgage-reducing insurance that pays out an assured sum, which reduces as your home loan is being paid off.
Similar to HPS, a Mortgage Reducing Term Assurance from private insurers would protect HDB flat owners, as well as private property owners and their immediate family members.
The sum insured and duration of such plans are closely aligned with your outstanding mortgage loan. Premiums are usually affordable and certainly worthwhile to cover what is possibly the biggest liability for most people.
Useful tip!Don’t forget to protect your home assets with home contents insurance too.
