Buying a house - what insurance do you need?
If you’ve recently bought your first home, or upgraded to a new home, your lender or mortgage adviser may have talked to you about life or mortgage insurance.
But do you know the difference between them? Here we take a look at these two types of cover, and how each can benefit you and your family.
MORTGAGE INSURANCE
Depending on the policy (some will cover you for mortgage repayments if you are off work ill or injured as well), you might find that this type of cover only pays off your mortgage in the event of your death.
The payment will go straight to the lender, rather than to any loved ones. This means that, at the very least, your family will have a freehold house they can live in – and possibly sell to downsize and free up some capital. Mortgage insurance, however, doesn’t usually give your loved ones any additional funds for other needs.
LIFE INSURANCE
Unlike mortgage insurance, life insurance is not linked to your mortgage. The money either gets paid out to the policy owner or into the insured’s estate – meaning it can be used for whatever the beneficiary (receiver of the money) decides they want to use it for.
Another feature of life insurance is that you can have as much cover as you can either afford or demonstrate you have the need for. This means that not only can you make provision for the mortgage to be paid off, you can also include some additional funds to cover funeral costs, other debts or childcare or education costs.
It’s Riddle Time! Beat the Neighbourhood with Your Smarts!
Which of the following words don't belong in the group and why?
CORSET, COSTER, SECTOR, ESCORT, COURTS
Do you think you know the answer to our daily riddle? Don't spoil it for your neighbours! Simply 'Like' this post and we'll post the answer in the comments below at 2pm.
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Head here and hover on the Following button on the top right of the page (and it will show Unfollow) and then click it. If it is giving you the option to Follow, then you've successfully unfollowed the Riddles page.
Live Q&A: Garden maintenance with Crewcut
This Wednesday, we are having another Neighbourly Q&A session. This time with John Bracewell from Crewcut.
John Bracewell, former Black Caps coach turned Franchisee Development Manager and currently the face of Crewcut’s #Movember campaign, knows a thing or two about keeping the grass looking sharp—whether it’s on a cricket pitch or in your backyard!
As a seasoned Crewcut franchisee, John is excited to answer your lawn and gardening questions. After years of perfecting the greens on the field, he's ready to share tips on how to knock your garden out of the park. Let's just say he’s as passionate about lush lawns as he is about a good game of cricket!
John is happy to answer questions about lawn mowing, tree/hedge trimming, tidying your garden, ride on mowing, you name it! He'll be online on Wednesday, 27th of November to answer them all.
Share your question below now ⬇️
What's your favourite recipe for courgettes?
Kia ora neighbours. If you've got a family recipe for courgettes, we'd love to see it and maybe publish it in our magazine. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our January 2025 issue.
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