Insurance to Protect you and your Family


When you have a home loan, it is imperative that you consider all your insurance requirements and what would happen to your family in the event that your income dropped or stopped completely due to a major event beyond your control.

There are four key areas to consider:

  • Life Insurance:

Life insurance is to cover the family in the event an individual’s untimely death. This is paid as a lump sum. The amount of life insurance is generally dependent on the amount required to eliminate debts and provide replacement income for the family. It can also include enough for the family to meet their financial goals.

  • Income / Loan repayment insurance:

This is an allowance paid in the event of an income earner being unable to work for a period of time due to an illness or injury. It allows you to keep on earning, or take care of your loan repayments and maintain your lifestyle while you are off work.  The amount of this type of insurance required is dependent on debt repayments and other financial commitments that a family may have.

  • Living Assurance/Trauma Insurance:

This is needed to help reduce debts and enable you to get well if you suffer a trauma or critical illness the most common being cancer, stroke or a heart attack.  The funds can be spent on anything including treatments, assistance with debt repayments or any other purpose.

  • Medical Insurance:

This is needed to cover costs for major medical expenses as a result of either an illness or injury. This provides you with immediate treatment by avoiding the public health system. This can cover not only the income earners and caregivers but also children in the family ensuring rapid and appropriate treatment.

Other benefits including Total Permanent Disability, Redundancy Cover & Specialist Business cover can also be provided for upon request.

O’Hagan Home Loans and Insurance Ltd can assess your insurance requirements, provide quotes from several different Insurance Agencies, provide recommendations on the type of insurance products suitable for your needs and put the insurance in to place.