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ePROTECT Mortgage - Etiqa Insurance Review

ePROTECT Mortgage – Etiqa Insurance Review

If you’re like most people, your home is likely the biggest investment you’ll ever make. For many, buying a home means taking out a mortgage to finance the purchase. While a mortgage can be a great way to own a home, it also comes with a lot of responsibility. If something happens to you, you want to know that your family will be taken care of and won’t be burdened with your outstanding mortgage payments. That’s where ePROTECT Mortgage comes in.

ePROTECT Mortgage is a mortgage protection insurance product offered by Etiqa Insurance. It’s designed to provide peace of mind to homeowners, ensuring that their families will be taken care of in the event of their untimely death, total and permanent disability, or terminal illness. In this blog, we’ll take a closer look at ePROTECT Mortgage and what it has to offer.

 

What is ePROTECT Mortgage?

ePROTECT Mortgage is a home mortgage insurance policy that covers your outstanding mortgage payments in the event that you’re no longer able to make them. It’s designed to provide financial security for your family and ensure that they can continue to live in their home comfortably, even if something happens to you.

With ePROTECT Mortgage, you can choose a policy term of 6 to 40 years or until your 75th birthday, whichever comes earlier. You can also choose your preferred interest rate from 1% to 4% depending on your mortgage loan interest.

 

How does ePROTECT Mortgage work?

With ePROTECT Mortgage, you pay a premium that’s equal to 90% of your policy term. This means that if you choose a policy term of 10 years, you’ll only need to pay premiums for 9 years. If something happens to you during the policy term, your family will receive a lump sum payout that reduces over time. The amount of the lump sum payout depends on the policy term, your age, and the amount of your outstanding mortgage loan.

ePROTECT Mortgage - reducing term insurance
Etiqa’s 30-year ePROTECT mortgage policy reducing at 3% interest rate (Source: Etiqa)

For example, let’s say you have a mortgage loan of $1,000,000, and you choose a policy term of 30 years. Your premium term will be 90% of 30 years, or 27 years. If something happens to you during the policy term, your family will receive a lump sum payout that reduces over time. In the fifth year, the lump sum payout might be $891,052. In the tenth year, it might be $762,508. The payout amount will continue to decrease until it reaches $0 at the end of the policy term.

Year Guaranteed Benefit
0 $1,000,000
5 $891,052
10 $762,508
20 $439,737
30 $0

 

Enhance Your Coverage with eXTRA Secure Waiver: Protection Against Critical Illness

If you want to enhance your protection further, you can opt for the eXTRA secure Waiver add-on. This add-on is designed to provide you with extra peace of mind by waiving future premiums if you’re diagnosed with a critical illness. This means that you won’t have to worry about paying your premiums while you focus on your recovery. Additionally, your policy will remain in force, so you and your family can continue to benefit from its protections. Adding the eXTRA secure waiver to your ePROTECT Mortgage policy can help you ensure that you’re covered in the event of a critical illness and give you one less thing to worry about during a difficult time.

 

Why choose ePROTECT Mortgage?

There are a few reasons why you might choose ePROTECT Mortgage over other mortgage protection products. For one, it offers a customizable policy term that allows you to choose the length of your coverage. You can also choose your preferred interest rate, which means you can align your coverage with your mortgage loan and your financial goals.

ePROTECT Mortgage - features

Another reason to choose ePROTECT Mortgage is that it offers more value for your money. With a premium term of 90% of the policy term, you pay less for coverage and get more bang for your buck. This can be especially attractive for homeowners who are looking to save money on their mortgage protection premiums.

Finally, ePROTECT Mortgage offers a lump sum payout that reduces over time. This means that your family will receive financial support for a set period, and you won’t be burdened with excessive insurance expenses for your mortgage protection needs. The gradual payout can help ensure that your family is taken care of while also allowing them to adjust to their new financial situation.

 

Takeaway: Etiqa’s ePROTECT Mortgage is the Ideal Choice for Mortgage Protection and Financial Security

ePROTECT Mortgage is a mortgage insurance product that offers homeowners peace of mind and financial security. With a customizable policy term and preferred interest rate options, it’s designed to align with your mortgage loan and your financial goals. The premium term of 90% of the policy term also offers more value for your money, and the reducing lump sum payout ensures that your family will receive financial support for a set period without being burdened with a lump sum payment.

family moving to new home

Overall, ePROTECT Mortgage is a great option for homeowners who want to ensure that their families will be taken care of in the event of their untimely death, total and permanent disability, or terminal illness. With its customizable policy terms and preferred interest rates, it offers flexibility that can align with your unique financial situation. And with its gradual lump sum payout, it can provide financial support to your family without overwhelming them with a large lump sum payment. With Etiqa ePROTECT Mortgage, you can rest assured that your family will be taken care of, even if something happens to you.

If you’re interested in learning more about Etiqa’s ePROTECT Mortgage and whether it’s the right mortgage protection product for you, consider speaking with our partner insurance professional or financial advisor.

We can help you understand your options and choose a policy that aligns with your unique needs and goals!

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