Premium Finance insurance and other insurance options for property investors

Viewing 7 posts - 1 through 7 (of 7 total)

David22May
Member
@david22may
Join Date: 2010
Post Count: 7
January 30, 2011 - 10:44 pm
I understand that it is really important to have good insurance if you have invested in property because illness or death of one partner could seriously effect the ability to meet mortgage repayments. This is of course more important if we are negatively geared. My problem is the upfront costs involved with an insurance policy that will cover me and my wife enough to make it beneficial. I have heard of premium finance insurance arrangements where the need for an up front payment is off set by premium payments arranged by finance. Has anyone here used these kind of insurances? Is there any other insurance which is specific for property investors? I really want to ensure that anything happening to me wouldn’t create a liability for my wife that she couldn’t deal with
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
January 31, 2011 - 11:36 am
Might want to speak to a insurance broker, they should be able to give you a few quotes on different lender based on your “requirements”. They normally charge a flat fee of $80-100 a year.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone Me
Same Banks. Better Rates. Served With a Passion.
David22May
Member
@david22may
Join Date: 2010
Post Count: 7
February 9, 2011 - 1:36 am
Thanks Shape! So the best place for premium finance services wouod be any broker, or just an insurance broker. I know this is an insurance product but could my mortgage broker access this? I don’t want to complicate things as I already have a great mortgage broker and wouldn’t want to damage that relationship.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
February 9, 2011 - 1:56 am
Speak to a “INSURANCE broker” – as i mentioned they are not free ( different to us)
But im sure if you have a chat with your MB he might have contact with a IB that he has worked or dealt with in the past.
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone Me
Same Banks. Better Rates. Served With a Passion.
David22May
Member
@david22may
Join Date: 2010
Post Count: 7
February 28, 2011 - 10:25 am
Do you know a good one for premium finance services?
David22May
Member
@david22may
Join Date: 2010
Post Count: 7
April 9, 2011 - 9:29 am
Thanks guys. Signing off now as I have found that my normal broker can offer premium finance services
David22May
Member
@david22may
Join Date: 2010
Post Count: 7
August 24, 2011 - 4:09 am
If anyone is interested I can recommend the guy that I used. He was very helpful and not too expensive ( I think he gets a trailing commission on this but not sure: not from me but from the premium finance services company)