JobzbrvProtect the roof
For most families the home loan is the biggest debt. This tool shows the amount that would clear it, what you pay monthly and how much interest remains.
How it works
Cover equals the outstanding balance. The payment comes from the standard loan formula using your rate and years left. Interest to go is total payments minus balance.
Example
A $250,000 balance at 6.5 percent over 25 years means a payment near $1,688 and about $256,000 of interest still ahead. The tool also estimates a term premium for the loan.
Two kinds of cover
Lender-sold policies usually pay the bank and shrink with the loan. A normal term policy pays your family a fixed sum they can use freely.
Advice
Match the term to the loan and revisit after refinancing.
Common questions
Do I still need it with other cover?
Count your current cover first, since it may already include the mortgage.
Is decreasing cover cheaper?
Yes, but it is less flexible.