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Protecting yourself and ensuring you can always pay your mortgage

As a borrower, taking out a loan of any kind can be an overwhelming and complex process. This isn’t helped by all the different financial product naming conventions, and acronyms that you will undoubtedly encounter.

The “Great Australian Dream” is to own your own home, with 70%* of the population doing just that. Unfortunately saving for your dream property is becoming more and more difficult. With rising house prices, generating the traditional 20% deposit required to get a loan is harder than ever. Thankfully with the introduction of Lenders Mortgage Insurance (LMI), borrowers can get onto the property ladder much sooner with a smaller deposit.

1) Why LMI (Lenders Mortgages Insurance) does not protect you
2) Who does LMI Protect?
3) How do I protect myself and my mortgage payments?
4) What if I can’t afford to purchase Loan Protection insurance?

 

 

Loan Protection Plan

Many Australians with mortgages do not have adequate cover in place to service their loan in the event they lost their job, suffered a serious illness, injury or death.

It’s important that you take the time to consider how you would meet your loan repayments should the unthinkable happen. ALI Group’s Loan Protection Plan is a simple, easy to understand and affordable solution that provides peace of mind by helping protect you and your family, your assets and your lifestyle.

Insurance circles

Loan Protection Plan benefits at a glance:

  • Death and Terminal Illness Benefit(12 months life expectancy). Pays the loan amount rounded up to the next $10,000 this is subject to a minimum of $50,000 and a maximum of $750,000
  • Living Benefitcovers 11 serious medical conditions. Pays 30% of the Death Benefit
  • Up to 3 monthly benefits for involuntary unemployment occurring within the first 12 months of the policy (a one month waiting period applies)
  • 30 days free cover– valuable time for you to evaluate your protection needs
  • Multiple borrowers can be covered including non-applicant spouses of borrowers
  • No medicals requiredand cover available for all occupations
  • Benefits are paid directly to youand can be used for any purpose

 

 

Home and Contents Insurance

Home and Contents insurance provides cost-effective and quality protection against a wide range of defined events – those unexpected occurrences which could cause major damage to your home and possessions. Some of the features of the policy include:
  • New for old replacement cover for buildings
  • New for old replacement on most contents
  • Cover for high risk items
  • Liability insurance
  • 15 year electrical motor burn out on household electrical items – an extra without paying extra
  • Theft of trees and plants
  • Food spoilage

 

Cover for a wide range of events 

Home and Contents insurance covers you for loss or damage caused by: fire or explosion, lightning or thunderbolt, earthquake or tsunami, malicious acts, riot or civil commotion, theft, storm, rain or flood. You are also covered for the newly introduced flood cover.