Life Insurance

All You Need to Know About Insurance Before Buying a House

So, you’ve saved up enough for a deposit for a house you have your eye on. Maybe you’ve even visited the bank, chatted with your mortgage broker and have been approved for the loan. That's a great achievement, and you're definitely on the right track. Well done, you!

But with this new commitment comes more responsibility. Buying a house is most likely the biggest purchase you will ever make, so it’s important to protect yourself so you can hold on to this asset you’ve worked so hard to own. This is where life insurance comes into play.

If you're getting your insurance from the same bank you've secured your mortgage with, those bankers aren’t able to advise you on the best policy for you or give you a range insurance  options to suit your needs. This is why it's important to speak with a licensed adviser to make sure  the right level of cover is put in place. After all, it’s your cover, so it should be on your terms.

Working with a licensed insurance broker gets you access to more options from a range of providers, competitive rates and more help when you need it. With Nimble, you’ll speak to the same real life person throughout the entire process, so nothing slips through the cracks.

Here are our top tips for getting life insurance sorted when buying a house.

1. Seek advice from a licensed advisor

When you’re looking to buy a house engage with a decent insurance broker and discuss your plans with them.

2. Be clear

Knowing what’s important to you is pivotal to putting the right cover in place for you. It’s important for an adviser to understand who you are and what you love.

3. Be honest

Be honest about any outstanding debt you may have should be disclosed as this ensures that you don’t leave your family exposed for your debt should something happen to you.

4. Be open

Ask questions about the benefits, pros and cons of insurance products. Insurance is complex, there is never a silly question.

5. Don’t be swayed

It sounds great to say you have $1M of cover but its often not useful, and you’ll just end up paying too much for something you may not need or may never use. Needs are more important than wants.

When you review your insurance with us we make sure we tailor the policy to you, we understand the importance of having the right level of cover in place and are able to guide you through every step of the way.

Your needs are unique, we believe your insurance policy should be too. Help when you need it, that’s what you get when working with Nimble Brokers.

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