Mortgage Protection Insurance
Protect Your Home and Family with Mortgage Protection Insurance
Your home is one of your biggest financial commitments – and protecting it is essential. At Covermate Life, we help Australians safeguard their mortgage with tailored Mortgage Protection Insurance. If you become seriously ill, injured, or pass away, this cover helps ensure your home loan repayments are met, so your family isn’t left under financial pressure.
As an independent insurance broker, we compare policies from leading insurers, providing simple advice and quick quotes to make finding the right cover stress-free.
What is Mortgage Protection Insurance?
Mortgage Protection Insurance is designed to protect your home loan if you can’t make repayments due to unforeseen events. Depending on your policy, it can cover:
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Life insurance – pays a lump sum to clear or reduce your mortgage if you pass away.
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Total and Permanent Disablement (TPD) cover – provides funds if you can’t work again due to illness or injury.
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Trauma / Critical Illness cover – a lump sum if diagnosed with a serious illness such as cancer, heart attack, or stroke.
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Income protection – replaces a portion of your income if you’re unable to work temporarily.
Unlike bank-issued “loan protection”, a brokered solution through Covermate Life gives you flexibility, choice, and value.
Why Choose Mortgage Protection Insurance?
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Protect your home – ensures your family can keep the property, even if you can’t work.
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Reduce financial stress – covers mortgage repayments during difficult times.
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Portable cover – unlike bank products, your policy isn’t tied to one lender, so it moves with you if you refinance.
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Peace of mind – know your biggest financial commitment is secure.
Why Choose Covermate Life?
As a specialist insurance broker, we’re not tied to one insurer or bank. Instead, we:
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Compare policies from Australia’s leading insurers.
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Provide general advice in plain language, so you understand your options.
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Offer competitive quotes tailored to your loan and personal needs.
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Give you flexibility – you choose the right mix of life, TPD, trauma, or income protection.
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Support you over time, with guidance as your mortgage and circumstances change.
At Covermate Life, our goal is to make insurance simple, transparent, and affordable.
Who Should Consider Mortgage Protection Insurance?
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Homeowners with mortgages who want to protect their family home.
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Families and couples who rely on one or two incomes to meet loan repayments.
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First home buyers who want peace of mind while establishing financial security.
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Property investors who want to protect repayments on investment loans.
Frequently Asked Questions (FAQs)
1. Is Mortgage Protection Insurance the same as Life Insurance?
Not exactly. Mortgage Protection can include life insurance, but it’s specifically designed to help repay your home loan. Life insurance, on its own, provides broader financial cover for your beneficiaries.
2. Do I have to take insurance with my bank?
No. Bank-issued loan protection is often limited and tied to your lender. As a broker, Covermate Life helps you find more flexible and often better-value cover.
3. How much cover do I need?
Most people choose cover at least equal to their outstanding loan balance. We can help you work out the right level based on your mortgage, income, and family needs.
4. Is Mortgage Protection Insurance tax-deductible?
Generally, life and TPD premiums aren’t deductible, but income protection premiums may be. Always seek advice from your accountant for your personal situation.
5. Can I cancel or change my cover?
Yes, policies are flexible. If your circumstances change – for example, refinancing, paying down your loan, or buying a new property – you can review or adjust your cover.
Get a Quote Today
Don’t leave your biggest financial commitment unprotected. With Covermate Life, comparing mortgage protection options is quick, easy, and obligation-free.