Mortgage Protector Insurance Plan
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.
Features & benefits
- Life insurance protection up to age 70. In the event of death, your family will receive the sum assured1 in a lump sum.
- 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 instalments.
How it works
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 takin gup Mortgage Protector with a coverage of S$500,000 over 20 years, at an interest rate of 5% per annum.
Example: A 30-year-old husband and 30-year-old wife, both non-smokers, taking up Mortgage Protector with a joint coverage of S$600,000 over 30 years, at an interest rate of 5% per annum.
|Coverage||Sum assured||Term||Interest rate (p.a.)||Annual premium3||Daily premium3|
|Interest rate (p.a.)||5%|
1The sum assured prevailing will be paid at the time of death or upon total and permanent disablement, whichever is the earlier, in one lump sum, less any amount owing to HSBC Insurance (Singapore) Pte Limited.
2The total and permanent disability (TPD) coverage for this policy together with all existing TPD coverage extended by HSBC Insurance (Singapore) Pte. Limited and all other insurance companies for the life assureds shall not exceed S$5 million per life.
What else should I know?
As buying a life insurance policy is a long term commitment, an early termination of the policy usually involves high cost and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
MortgageProtector is underwritten by HSBC Insurance (Singapore) Pte. Limited (Reg. No. 195400150N) and distributed by HSBC Bank (Singapore) Limited ("HSBC"). It is not an obligation of, a deposit in, or guaranteed by, HSBC.
This webpage contains only general information. It does not constitute an offer to buy or sell an insurance product or service. A person interested in this product should read the relevant product summary for details before deciding whether to buy this product. You may wish to seek advice from a financial consultant before making a commitment to purchase this product. In the event that you choose not to seek advice from a financial consultant, you should consider whether this product in question is suitable for you.
Policy Owners' Protection Scheme
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is correct as at 30 March 2020.
This material is issued by HSBC Bank (Singapore) Limited.