HSBC Mortgage Insurance

Owning your home gives you a sense of pride, and to your family – a sense of security. Therefore it is important that you safeguard your home and family against the unexpected, so that they will not be burdened with mortgage repayments or face the possibility of losing their home.

With MortgageProtector, you can have a single plan that provides life coverage for two joint homeowners. MortgageProtector takes care of unpaid home repayments, should any unforeseen event such as death or total and permanent disability happen to any one of the two joint homeowners.

• MortgageProtector is a reducing term insurance policy that provides financial protection against death and total and permanent disability for a specific period.
• Life insurance protection up to age 70. In the event of death, your family will receive the sum assured1 in a lump sum.
• Total and permanent disability coverage up to age 65 or expiry of the policy, whichever is earlier. You will receive the sum assured¹ in a lump sum up to S$3 million² upon diagnosis of total and permanent disability.
• With a wide range of terms available from 10 to 40 years, and interest rate from 1% to 10% to match your mortgage plan.
• Single or joint coverage are available for joint homeowners who are spouses or family members.
• Affordable premium rates that are guaranteed, giving you the coverage you need at a fixed premium rate. Furthermore, enjoy a one-time waiver on the first month’s premium.
• Premium payment term will end four years before the end of policy term, while you continue to enjoy full coverage.
• Option to pay your premiums in yearly, half-yearly, quarterly or monthly installments.

Firstly, decide on the coverage you require – the level of coverage, the term of coverage and interest rate. This can be based on your mortgage plan. Next, decide if you would like to choose single or joint coverage. Finally, choose a payment schedule from monthly to yearly instalments that best suits you.

Example:

A 30-year-old, non-smoking male taking up MortgageProtector with a coverage of S$500,000 over 20 years, at an interest rate of 5% per annum.

A 30-year-old husband and 30-year-old wife, both non-smokers, taking up MortgageProtector with a joint coverage of S$600,000 over 30 years, at an interest rate of 5% per annum.