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MortgageCare

Life Insurance

MortgageCare

The assurance that your outstanding home loan will be settled, come what may

Should the unexpected happen, MortgageCare is a home loan insurance plan that covers your remaining mortgage payments, so that your loved ones will continue to have a roof over their heads. Plus, you'll pay unchanging premiums only for limited years, while your protection continues right through the plan term.

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Key benefits

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Be assured of mortgage settlement

In the event of death, terminal illness – or disability before you reach 65 years of age – your family will receive a lump sum amount that’ll help pay off the mortgage.

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Enjoy joint coverage as a co-owner

If you and your spouse are co-owners of the house, a joint-life MortgageCare plan will ensure mortgage settlement if anything happens to either of you.

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Get add-on cover for illnesses too

For even greater assurance, you can opt to also be covered against 37 critical illnesses with the MortgageCare (Living Assurance)1 plan.

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Pay the same premium for limited years

You don’t need to worry about rising costs – your premium remains unchanged throughout the limited payment term, while your protection continues right through the plan term.

How MortgageCare works

Thomas and Martha, both aged 30, buy a home as co-owners, and sign up for a joint-life MortgageCare plan.

 

Home Loan S$400,000*
Term of Loan 10 years
Sumassured for plan S$400,000
Plan Term 10 years
Premium Term 8 years
Annual Premium S$316 (doesn’t change throughout the premium term)

 

Five years into paying off their home loan, Thomas passes away.

 

Outstanding Loan S$220,000
Plan Payout S$220,000 (which Martha uses to settle the outstanding home loan

 

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