Get a $1 Million Mortgage Protection
From as low as $639* or $53 a month!
Protect Your Loved Ones
When’s the last time you did a review on mortgage protection?
The need for asset protection needs no elaboration, especially if you’ve just purchased a new property. When something untoward happens to you,
- The family is saddled with mortgage payments
- They may not be able to service the loan and lose the house
- They may not be able to refinance with ease for lower rates and be at mercy of lenders
- They may be forced to sell the house during unfavourable times
- They may incur Seller Stamp Duty (4-12%) if the property is bought in recent years
Don’t expose yourself to uncovered risks.
We are one of the few brokers officially in the introducer panel of Great Eastern Life (GE) where we also partner with an experienced financial advisor (FA) who is an industry veteran with more than 20 years of track record meeting customer needs.
When it comes to protection needs, it’s not just about price per se, but trust and reliability, just like how you work with us for your mortgages.
Lowest 1.14%* (Min $500k)
Here’s two common situations to ponder over:
1. Create extra inheritance
Joe does not need a mortgage as he can buy a small studio condo unit for investment by putting down $1m in cash fully.
However, he still takes out a mortgage on the property anyway, because:
- He can purchase a $750,000 mortgage insurance (a term policy) to match his loan and keep his cash of $750,000 for rainy days
- He can will this property to one child and leaves his cash holdings to his other child.
- Of course, he needs to pay the annual premiums but that can be easily offset by the returns earned on his cash, even if he chooses to park it in risk-free time deposits.
The only downside is that the term policy cover ends when his mortgage is fully repaid 25 years down the road. Term policies are cheap because there’s no cash value with every cent paid being a sunk cost.
Still, Joe reckons that buys him long enough time for compounding magic to work while he starts building a truly enduring asset early today, simply by opting to keep his cash! While building, his children gets the full protection and legacy of two assets should anything untoward happens to him – cash invested and a fully-paid property upon claim!
2. Get maximum cover when it’s most needed
Sarah is 38 years old taking care of two young kids and aging parent. Yet it is only recently that she decides to do more asset protection whilst refinancing her mortgage (something she didn’t get to do ever since her purchase.)
Her initial plan was to buy a typical mortgage insurance plan which would start with an initial coverage of $734,000 matching her loan, which will be reduced progressively (also known as MRTA in the industry) over the 27 years of her mortgage tenure.
However, upon deeper consultation with an FA, she took a different approach in the end – instead of paying $499* per annum (cheapest mortgage insurance plan in the market then) for the next 27 years which would cost her $13,473 over the duration, she decided on a 10-year renewable and convertible term plan which pays a much higher $1m coverage for the period of her life now where she needed the most protection (age 38-47, taking care of young kids and aging parents).
The best part, a much higher term cover ($1m versus $734,000) for a much lower cost of only $390** per annum!
Of course, premiums are non-guaranteed when she renews this term plan for another 10 years at age 47 but that’s a lesser concern. What’s important is that she buys the term plan early when she’s still healthy as the plan is renewable which means she does not need to be underwritten again later!
Like to know the difference between a MRTA (mortgage reducing term insurance) plan versus a traditional 25-year term plan? Or a shorter one with a renewable and convertible feature?
Speak to our FA partner today who will show you how you can achieve the twin-objective of inheritance creation and asset protection at the same time, from a cost as low as $639 per annum (see indicative premiums in table below), or merely $53 a month!
Speak to our FA Partner!
(Indicate your interest for mortgage protection under short message, and don’t forget to provide your mortgage loan details for review too!)
Disclaimer:
This page does not constitute an offer or recommendation to enter into any transaction. We do not sell or market insurance products nor do we represent any insurance companies or financial institutions. Instead, we choose very carefully our partner, an IFA (independant financial advisor) licensed by MAS, whom we work with to bring the most complete mortgage advisory service and products to all our clients. You are fully responsible for your investment decision and you are advised to speak to a licensed financial advisor before committing to the purchase of any investment or insurance products.
*Based on a healthy female at age 35, non-smoker, with no pre-existing medical conditions, for a term policy cover of $1m in death & TPD (total permanent disability). Indicative annual premiums for other age groups are shown in the table below (subject to change by GE from time to time)
| Age | Male | Female |
| 35 | $828 | $639 |
| 40 | $1,192 | $963 |
| 45 | $2,170 | $1,503 |
| 50 | $3,750 | $2,587 |
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