Use Your Freedom to Choose

Mortgage insurance, or homeowner’s insurance, can be a grudge purchase when you’re excited about buying a new home. But a house is a massive investment, and a home loan is a long-term commitment, so it’s not just legally necessary to make sure you have home insurance, it’s also the responsible thing to do.

If you have a home insurance policy that covers your bond, and you become ill or incapacitated for any reason, your insurance will help you with your monthly bond payments, alleviating some financial stress when you can least afford to have any. Having life insurance means that your family will also be protected from debt when you pass away. Death is never an easy subject to think about, but it is inevitable, which is why it’s important to plan ahead.

Since the introduction of the National Credit Act on June 1st 2007, consumers have been allowed to shop around for mortgage protection and life insurance, instead of automatically having to sign with the bank from whom they received their home loan.

This means that you, as the home buyer, have the freedom to apply for a bond with one institution, but ‘shop around’ for a better deal on the insurance elsewhere.

Don’t cheat yourself- or your family- by not being properly protected against the future, but do make sure you get the deal that really works for you.

BetterBond’s partner, BetterSure, can help you look for the insurance policy that meets your needs and your budget, so why not make sure you’re getting the best deal on your home loan- and on your home loan insurance?

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About BetterLife Home Loans

Since 2003 BetterLife Home Loans has been SA’s No.1 Bond Originator, handling the entire home loan application process on your behalf – free of charge! Our aim is still to source the best interest rate for you by submitting your home loan application to all the major banks. There is no easier way to apply for a Bond or Home Loan in South Africa!

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