Mortgage Insurance
Your home is a major investment, so if you have a home loan you’ll want to ensure all your regular repayments are made. But what if you were suddenly unable to work?
An accident or illness during your working life is a real possibility, and recovering from an illness or accident is difficult enough without the extra burden of financial worries. Sick pay generally only covers a few days of absence each year and may not be enough to cover your mortgage repayments. That’s why it’s important to have a contingency plan in place.
The solution is AIA Mortgage Repayment Cover.
Mortgage Insurance
- AIA Mortgage Repayment Cover
Ensuring your home remains yours, even if you’re unable to work.
AIA Mortgage Repayment Cover helps protect your home if you’re unable to make mortgage repayments due to illness or accident. It pays your regular mortgage repayments for your choice of two years, five years, or to age 65 while you’re unable to work, allowing you to focus on your recovery.
Our Mortgage Repayment Cover also provides a recurrent disability benefit, so if the same disability or illness occurs within 12 months the waiting period is waived for the second episode. Plus, you’ll get an unemployment benefit that pays a monthly income if you become unemployed.
It’s reassuring to know that you have something to fall back on when life isn’t running so smoothly.
Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.
- Guaranteed renewable to age 65
- Choice of waiting and benefit periods
- Premiums waived while a benefit is paid
- Built-in recurrent disability and unemployment benefits
- Optional redundancy benefit
- Worldwide cover
If you have an accident or illness that prevents you from working, AIA Mortgage Repayment Cover pays your mortgage repayments for you.
You’ll also get:
- A recurrent disability benefit, so if the same disability or illness occurs within 12 months we’ll waive your waiting period
- An unemployment benefit that pays you an income if you become unemployed.
You can also choose our redundancy benefit, which gives you up to $2,500 a month for up to six months to help with living expenses and give you some breathing space during your recovery.
| Qualifying age* | Depending on your occupation class you need to be either 16 – 59 years* or 16 – 54 years of age |
|---|---|
| Duration of Policy | Policies are annually renewable to age 65 |
| Benefit periods | 2 years, 5 years, to age 65 |
| Waiting periods | 4, 8, 13, 26, 52 or 104 weeks |
| Premium options | 1 year |
*Individual consideration will be given to ages outside this range.
**Up to $3,000,000 on ‘any’ or ‘own’ occupation basis, plus $2,000,000 on an ‘Activities of Daily Living’ basis.