[Singel]

I would like to share with you what we have done to our insurance. This form part of the household/living expenses. The costs are hefty yet vital.

Building and household contents insurance = monthly premium $76.50
We got this one year free insurance cover because of our mortgage with National Bank.

Life insurance for mortgage cover + Income protection insurance + medical/hospitalisation/major illnesses insurance = monthly premium $250 (insured for 2 persons)

Insurance for one car = monthly premium $73
We got our 50% non-claim bonus transfer from Holland.

It's all add up to $100 per week. :wah

By the way, we also set up a will for each of us to cover our assets here and overseas. The legal costs for setting up the 2 wills are $180.

Just information for your thoughts. :P

:cheers

[Carol]

Sounds very similar to our situation except we have two cars and took out a "major medical" insurance to cover hefty medical expenses which works out at another $20 per week.

:wah

[baboonworld]

and do you still have to take the life ins out when you get a mortgage???

[Singel]

Hello baboonworld

The monthly mortgage repayment is more than my take home pay. If something happened to my hubby such as death, I might be forced to sell the house because I could not afford to repay the mortgage with my income. It is this reason, that we decided to buy life insurance to cover the home loan.

It is a way to protect the family from losing a home due to unfortunate happening to one of the breadwinners. :yes