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Mortgage-Related Insurance Products (Critical illness cover (Tax free lump…
Mortgage-Related Insurance Products
Mortgage protection products
Term insurance
Decreasing
Mortgage product
Capital repayment
Premiums
Fixed
Level
Premiums
Guaranteed premiums
Reviewable premiums
Mortgage product
Captial repayment
Surplus payout
Life-cover to support a repayment vehicle
Convertible
Premiums
10-15% higher than level
Mortgage product
Level term
Convertible - Endowment/ Whole-of-life
Term extended
Sum assured remains
Critical illness cover
Tax free lump sum
Policyholder survives paid 14-28 days
Mortgage Payment and Income Protection Products
Mortgage payment protection insurance (MPPI)
Cover
Up to 2 years
Accident and Sickness
Redundancy option
Aged 18-65
No medical questionnaire
Deferred period 28-30 days
Income protection insurance
Cover
Tax-free income
Accident and Sickness
No limit on claims
No limit on duration of payment
Deferred period 4,13,26 and 52 weeks
60-65% pre-illness income
Waiver of Premium
Cover
Pays premiums during ill health