Income protection insurance is being ignored by first-time buyers, which could result in a homeowner losing their property
Sydney, Australia -- (SBWIRE) -- 06/05/2015 -- A leading income protection insurance quotes online website has warned first-time buyers should not ignore the importance of Income Protection Insurance. Superhero Insurance, who help consumers save money by comparing insurance quotes, has warned if a homeowner becomes ill and are unable to meet their financial commitments, their home could be at risk.
Buying a property in Australia is one of the biggest purchases a person or couple will make. However, even though consumers buy property insurance to protect their homes, first-time buyers are ignoring income protection insurance that could protect their home being repossessed. Superhero insurance has warned this could become a huge and costly mistake.
Superhero Insurance is concerned first-time buyers are not being made aware of how Income Protection insurance can protect them if they are unable to repay their mortgage due to serious illness. With 20% of defaulted mortgages in Australia caused through loss of income, it shows how important being protected against the loss of income is. The income protection insurance quotes online service provider said people should plan today for problems they could be faced tomorrow.
A spokesman for Superhero Insurance said: "20% of people defaulting on their mortgage due to loss of income is worrying. We would like to reduce this figure and help people to get protected through Income protection insurance by helping them to find the best deal."
Superhero Insurance has warned that anyone could fall victim to a serious illness or accident, and without income coming into the home or the income being reduced, bills may not being getting paid. With a reduced or no income, bills and debts will mount up, and that could result in mortgage payments not being paid, and homes being repossessed. However, the company behind the income protection insurance quotes online website has said with the right advice, and by using a comparison site for income protection insurance, consumers can avoid the debts.
To learn more about Income Protection Insurance and to use the income protection insurance quotes online, please visit http://www.superheroinsurance.com.au/income-insurance-australia.html
About Superhero Insurance
Superhero Insurance is a motivated team of insurance professionals, who are 100% independent of any financial or banking institutions. They offer the most favorable and advantageous conditions for all types of insurance, being leaders in the local insurance market.
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