The importance of mortgage insurance in Singapore was ignored by a lot of Singaporeans, which is not a wise choice.
Your home is usually the biggest financial commitment you will ever make, as a result, it’s very important for you to protect your home to make sure you and your family are able to continue making payments at every period of the mortgage loan in the event of unforeseen circumstances
The mortgage insurance will make sure that the rest of the family will not have their roofs taken in case that the owner of the property may be critically ill, disabled or dead, the insurance company will provide the funds needed to pay off the outstanding mortgage loan.
Compared to most forms of insurance, mortgage insurance has low premiums. Furthermore, considering that mortgage loan can usually be stretched a long period, up to 30 years or more, home owners should never leave mortgage insurance out of family financial planning formula.
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