Debt repayment insurance can make repayments on your financial commitments if you are unable to work due to sickness or accident and will pay in addition to any ACC you may be entitled to receive.
What will debt repayment pay for?
Debt repayment insurance can also me called household expenses cover or possibly a variation of other names, but it is specifically to make sure your household can meet its financial obligations and is not limited to just debt and you can insure for costs such as;
- Early Childcare Costs
- Hire Purchase, Bank/ Personal Loan Repayments
- House, Contents, Car Insurance Premiums
- Private School Fees
- Internet (yes that’s right, even your internet costs)
- Paid TV Subscriptions
Does this pay for your mortgage?
You will need Mortgage Repayment Cover if you wanted to make sure your mortgage is paid, but if you are a renter, then household expenses is perfect because it will pay for your rent.
Why should have household expenses cover?
For some people, having personal Income Protection cover may be too expensive so this cover is an affordable way to make sure that at the very least your monthly fixed commitments are paid and your family are not severely affected.
You can keep the power on, the internet for the kids, and of course your rent can be paid to keep the landlord happy, and these days affordable housing is difficult to find to make sure your landlord is happy.
Get some or all of your eligible expenses covered or even just the critical ones, you can even choose to only insure for your hire purchase repayments so avoid any debt collection issues and arrears.
Affordable debt repayment option
Premiums are based on Gender, Age, Occupation and Smoking Status and is a good alternative if you want to keep cost down and have the minimum of your critical expenses paid for when you can’t work.
Some insurers will add other built in benefits and lump sum payments as well, so make sure you contact us for the right advice and premium options.