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Buying a home is a major milestone, but it also comes with significant financial obligations. Mortgage insurance is crucial in safeguarding your lender's and your family's future. Understanding the costs and how they relate to term life insurance is essential for responsible home ownership.
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Mortgage insurance, including lender's mortgage insurance (LMI) and mortgage loan insurance, protects the lender if you default on your home loan. LMI is typically required when your down payment is less than 20% of the property's value. It reduces the lender's risk, allowing them to offer loans to borrowers with smaller deposits.
Home loan EMI can also be calculated using home loan insurance calculator
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While both protect against financial loss, they serve different purposes:
Mortgage Insurance (LMI/Mortgage Loan Insurance):
Protects the lender in case of borrower default.
Often, a one-time premium or added to the loan.
Decreases as you pay down your mortgage.
Protects your family by providing a death benefit.
Pays a lump sum to your beneficiaries if you die during the policy term.
It can be used to pay off your mortgage, among other expenses.
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While mortgage insurance protects the lender, term life insurance protects your family. If you pass away, a term life insurance policy can:
Pay off your mortgage: Ensuring your family keeps their home.
Cover other expenses: Including living costs, education, and debts.
Provide financial stability: Giving your loved ones peace of mind during a difficult time.
The cost of mortgage insurance varies based on:
Loan-to-value ratio (LVR): Higher LVR means higher risk for the lender, leading to higher premiums.
Loan amount: Larger loans generally have higher premiums.
Borrower's credit score: A lower credit score may result in higher premiums.
Property Location: Some areas may have higher LMI premiums.
Consider a term life insurance policy with a death benefit equal to or greater than your outstanding mortgage. This life insurance plan ensures your family can repay the loan and maintain financial security.
Affordability: Factor mortgage and term life insurance premiums into your budget.
Coverage amount: Choose a term life insurance policy that adequately covers your mortgage and other financial obligations.
Policy term: Select a term life insurance policy that aligns with your mortgage term.
Homeowners must understand the difference between mortgage and term life insurance. While mortgage insurance protects the lender, term life insurance protects your family. By combining both, you can ensure comprehensive financial protection for your home and loved ones.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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