Quote:
Originally Posted by Jack91
Thanks blokes. Ive had a look at the link above but it still basically says get a professional to do it.
What happens with a mortgage? Someone told me ages ago that the mortgage insurance pays it out but that doesnt seem right.
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Nice summary...
https://www.finder.com.au/what-happe...-loan-if-i-die
Key takeaway:
Most commonly, a home loan is cosigned with a spouse or partner. If this is the case, the co-borrower automatically assumes the mortgage – and is responsible for the debt remaining.
Lenders mortgage insurance covers the lender, not the borrower. There are products available for the borrower (or the estate thereof), but it rapidly becomes a specialists field if your affairs are in any way complex, such as investment properties, a family trust etc.
Perhaps a review of your life insurance coverage is in order....?