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WHAT IS MORTGAGE PROTECTION INSURANCE?
Mortgage protection is a term life or critical illness insurance policy that helps pay off your home loan if you’re diagnosed with a serious illness, become permanently disabled, or pass away. Instead of monthly payouts, this type of protection provides a lump sum that can be used to clear your outstanding mortgage—so your family won’t be burdened with loan repayments if the unexpected happens.
HOW TO GET MORTGAGE PROTECTION INSURANCE
Pick an option
Choose cover for your mortgage to protect your payments. You can also choose to cover your income, loan or credit card repayments. Or you can choose ‘other’ to pick an amount.
How long do you want the cover to last?
It could be for a set amount of years, until you reach a certain age or until your mortgage end date.
Let us know your details
Tell us a little bit about yourself so we can get it sorted for you.
FIND THE RIGHT COVER FOR YOUR HOME LOAN
1 in 4 Singaporeans may develop a critical illness before age 75, according to the Life Insurance Association. Having mortgage protection ensures your home stays secure—even if the unexpected happens.
WHAT’S COVERED BY MORTGAGE PROTECTION?
Mortgage protection typically covers the major life events that could prevent you from repaying your home loan. Most policies include:
Death
If you pass away before your mortgage is fully paid, the policy pays out a lump sum to clear the remaining loan—so your loved ones can keep the home without financial stress.
Total and Permanent Disability (TPD)
If you become permanently disabled and can no longer work, the policy pays out to help settle your outstanding mortgage.
Critical Illness
Many policies include coverage for major illnesses like cancer, heart attack, or stroke. You’ll receive a lump sum upon diagnosis that can be used to pay off your loan.
TIPS FOR LOWERING THE COST OF YOUR MORTGAGE PROTECTION INSURANCE
Try these top tips to get those premiums down:
1. Compare quotes
There are so many different options available, it’s important to find the right choice for you at a price that suits your budget.
2. Do an annual policy check-up
Is it still working for you or are you in a position where you could lower your level of cover or stop it altogether?
3. Don’t go over the top
Decide whether you need the highest level of cover or whether there are other options, like savings, to tide you over.
4. Delay payouts
Extend the deferred period. The longer you’re prepared to wait, the cheaper the policy will typically be.
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FREQUENTLY ASKED QUESTIONS
Life insurance provides a lump sum payout for any purpose, while mortgage protection is designed specifically to cover your home loan. It ensures your property is protected without relying on general life cover.
No, it’s not mandatory in Singapore. However, HDB loans come with a compulsory Home Protection Scheme (HPS), while private loans do not—making it advisable to get your own cover.
HPS is CPF’s basic mortgage insurance for HDB flat owners. It only covers death or TPD and is limited to HDB loans. Private property owners or those with bank loans should consider separate mortgage protection plans.
You can usually cancel your policy with no penalties once the loan is fully repaid. Some plans also allow you to adjust the sum insured over time.
It depends on the insurer. Some may exclude certain conditions or charge a higher premium. It’s best to compare quotes or speak to an advisor.
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by Finspire
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by Finspire
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by Finspire
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