Term Life

Etiqa ePROTECT mortgage: Safeguarding Your Home and Family's Future

When you're searching for mortgage insurance, you're likely feeling a mix of excitement about your new home and concern about protecting your family's future. You might be wondering, "How can I ensure my loved ones won't lose our home if something happens to me?" or "Is there an affordable way to cover my mortgage without breaking the bank?" These are common and valid concerns that many homeowners face. Etiqa's ePROTECT mortgage is designed to address these worries and provide you with peace of mind. Let's dive into the details of this policy and see how it can help secure your family's future.

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What is Etiqa ePROTECT mortgage?

Etiqa ePROTECT mortgage is a comprehensive mortgage reducing term insurance policy . In simple terms, it's a safety net designed to protect your home loan. If something unexpected happens to you, like death, total and permanent disability, or terminal illness, this policy ensures that your family can keep the roof over their heads by paying off the remaining mortgage.

Key Features That Make ePROTECT mortgage Stand Out

Comprehensive Coverage

Covers death, total and permanent disability, and terminal illness . Provides a cash advance for immediate funeral expenses.

Tailored and Affordable Premiums

Policy term options from 6 to 40 years, or up to your 75th birthday. Choose your preferred interest rate from 1% to 4% to match your mortgage loan.

Limited Premium Term

Pay premiums for only 90% of your policy term . For example, pay for 27 years on a 30-year policy.

Reducing Sum Assured

The coverage amount decreases over time, matching your decreasing mortgage balance. This feature keeps premiums affordable while providing the necessary coverage.

Why compare Etiqa ePROTECT mortgage with other Term Life options through Whatins?

Traditional Approach

  • Limited term length options from one insurer
  • May push longer terms than needed

Whatins Advantage

  • Compare term lengths across multiple insurers
  • See how different term life insurance periods affect premiums
  • Understand renewal options across insurers
  • See competing term length justifications and determine which one is best for you

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

How Does ePROTECT mortgage Work?

Let's break it down with a simple example:

Meet Paul:

  • Age: 35 (next birthday)
  • Non-smoker
  • Recently bought a condominium with a $1 million loan

Paul's ePROTECT mortgage Policy:

  • Coverage amount: $1 million (matching his loan)
  • Policy term: 30 years
  • Chosen interest rate: 3% (to match his mortgage interest rate)
  • Annual premium: $1,060
  • Premium payment term: 27 years (90% of the policy term)

In this scenario, Paul pays $1,060 per year for 27 years. In return, he gets the assurance that if anything happens to him during the 30-year policy term, his family can repay the bank loan and keep their home.

The coverage amount reduces over time, mirroring the decrease in Paul's mortgage balance. At the start of the policy, the coverage is $1 million. By the end of the 30-year term, it reduces to zero, just like his mortgage would if he made all his payments.

Why Choose ePROTECT mortgage?

Peace of Mind

Knowing that your family won't lose their home if something happens to you can provide immense peace of mind. This policy ensures that your loved ones can maintain their quality of life even in your absence.

Affordability

By matching the decreasing coverage to your decreasing mortgage balance, ePROTECT mortgage keeps premiums affordable. You're not paying for more coverage than you need.

Flexibility

With options to choose your policy term and interest rate, you can tailor the policy to match your specific mortgage situation.

Limited Premium Payment

Paying for only 90% of the policy term means you can be free of premium payments in the later years of your mortgage.

Immediate Financial Aid

The cash advance for funeral expenses can be a crucial help for families in their time of need.

Real-Life Scenarios

Unexpected Death

Imagine Paul passes away suddenly 15 years into his mortgage. His family would receive a payout that covers the remaining mortgage balance, allowing them to pay off the loan and keep their home.

Total and Permanent Disability

If Paul becomes totally and permanently disabled 10 years into the policy, the payout would cover the remaining mortgage, ensuring his family can keep their home while dealing with his new care needs.

Terminal Illness

If Paul is diagnosed with a terminal illness 20 years into the policy, the payout would clear the remaining mortgage, allowing him to focus on spending quality time with his family without worrying about housing debt.

Pros and Cons

Pros

  • Comprehensive coverage for death, total and permanent disability, and terminal illness

  • Affordable premiums due to the reducing sum assured

  • Flexible policy terms and interest rates to match your mortgage

  • Limited premium payment term

  • Immediate financial aid for funeral expenses

Cons

  • Coverage decreases over time (though this matches your decreasing mortgage balance)

  • No cash value if you surrender the policy early

  • Coverage ends when the policy term ends, even if you haven't fully paid off your mortgage

Frequently Asked Questions

Can I get this policy if I have an existing mortgage?

Yes, you can take out this policy even if you're partway through your mortgage term.

What happens if I pay off my mortgage early?

The policy continues until the end of the term you chose. You can choose to surrender it, but there's no cash value.

Can I change the coverage amount if my mortgage changes?

You should check with Etiqa about options for adjusting your coverage.

Is there a medical examination required?

This depends on the coverage amount and your age. Etiqa will inform you if a medical exam is necessary.

What's not covered by this policy?

Like most insurance policies, there are exclusions. For example, death due to suicide within the first year of the policy is typically not covered.

Important Notes to Remember

  • This policy is underwritten by Etiqa Insurance Pte. Ltd., a member of the Maybank Group.
  • The information provided here is for reference only and not a contract of insurance. Always refer to the actual policy contract for full details.
  • Buying life insurance is a long-term commitment. Early termination usually involves high costs and the surrender value (if any) may be less than the total premium paid.
  • This policy is protected under the Policy Owners' Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC).

Conclusion

Etiqa ePROTECT mortgage offers a straightforward and affordable solution to protect your home loan and secure your family's future. By providing comprehensive coverage that aligns with your decreasing mortgage balance, it ensures that your loved ones can keep their home even if the unexpected happens. The flexibility in policy terms and interest rates, coupled with the limited premium payment period, makes it an attractive option for many homeowners.

However, as with any financial decision, it's crucial to consider your specific circumstances and needs. While ePROTECT mortgage can provide valuable protection, it's important to understand its features, benefits, and limitations fully.

Ready to take the next step in protecting your home and family? Don't rely on just one perspective. Get expert insights tailored to your unique mortgage situation. Sign up now to receive 5 expert opinions on mortgage insurance. These professionals will review your specific needs and provide personalized recommendations, helping you make the most informed decision possible.

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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your home and family. Don't leave your family's future to chance – get the expert advice you deserve today.

Remember, your home is more than just a financial investment – it's where your family's memories are made . Protecting it is one of the most important decisions you can make. Take the time to explore your options and find the coverage that gives you and your loved ones the peace of mind you deserve.

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