Permanent Disability Insurance

Is your bank offering you insurance? Do I need Permanent Disability Insurance to get a mortgage? Why do I need insurance when buying my first home?

Despite popular belief, you do not need to obtain Permanent Disability Insurance in order to get a mortgage. The only insurance required by law when obtaining a mortgage is Building Insurance.

The reason why people purchase Permanent Disability Insurance is to protect their family’s future if they become permanently disabled and are unable to work as a result of an accident or illness. Permanent Disability Insurance provides a lump-sum payment, usually tax-free, that can be used to pay for a wide variety of expenses such as:

  • Paying for their spouse or another family member to take time off work in order to provide assistance and support.
  • Making lifestyle adjustments, such as changing where they live, remodelling their home, and paying off debts such as credit cards, personal loans, and mortgages.
  • Paying for extra expenses such as transportation to medical appointments or supplemental daycare.
  • Settling a mortgage or other debt.
  • Putting money aside for day-to-day living expenditures as their income is often reduced.

We understand that talking about insurance isn’t always pleasant, but we want you to be able to stay in your home no matter what happens. That’s where The Mortgage Advice Company can help you not only stay put but also keep your lifestyle.

In cahoots, we’ll…

  • Help work out what Permanent Disability Insurance cover you need.
  • Find the best Permanent Disability Insurance policy that best suits you and your circumstance.

When buying your first home…

Whatever you do, don’t take the quick and easy insurance option offered by the bank. While bank insurance may appear to be a convenient solution, when it comes down to it, most bank policies aren’t all they’re cracked up to be.

Why choose The Mortgage Advice Company?



We’re a wealth of knowledge on all aspects of insurance and preparedness. We’ll offer professional advice to ensure you have the right cover.



We’re completely independent of any insurance company. We work for you and our recommendations are always in your best interests.



We’re here to ensure that you receive fair and prompt payment, to get you back to normal. In a dispute, we’ll act as your advocate.

Ready to protect yourself and your family?

Contact Us Now