OCBC Mortgage Insurance: Will It Cover Your Home Loan?
OCBC Mortgage Insurance: Will It Cover Your Home Loan?
ValueChampion Rating 
OCBC's Mortgage Protect Advantage is a term reducing mortgage insurance that provides rarely seen features, like a full premium refund at the end of your policy. Its generous cancellation terms and conditions make it a good option for new homeowners who may be on the fence about needing coverage. Please note we are discussing OCBC's Mortgage Protect Advantage and not Mortgage Protect.
Table of Contents
| Summary of OCBC Mortgage Protect Advantage |
|---|
| Provides a full premium refund at the end of the policy if no claims were made |
| Receive 40% of premiums paid if you surrender policy from the 8th policy year |
| Pay your premiums for 3 years less than your policy term |
OCBC Mortgage Protect Advantage: What You Need to Know
OCBC's Mortgage Protect Advantage is a term reducing mortgage insurance plan that provides financial coverage for your home loan. Should you die, become totally or permanently disabled or get diagnosed with a terminal illness, you will get a one-off payment of your remaining sum assured to cover your outstanding home loan. OCBC Mortgage Advantage provides a few valuable benefits that are rarely seen with other mortgage insurance plans. For instance, it will provide a full refund of the premiums you paid if you do not make a claim during the policy term. Thus, if you pay off your home loan in full, you would have essentially received free coverage. Furthermore, you will get back at least 40% of the premiums you have paid if you surrender your policy from the 8th policy year. This is in contrast to other plans that don't provide any refunds if you choose to surrender. If you are unsure about your living situation in the future (moving countries, choosing to rent or not needing the policy), this can be a good option to have so you don't lose all the premiums you put in.
To qualify for the plan, you need to be between the ages of 18-65 (ANB). You will also need to answer two health questions for underwriting purposes. Depending on your age and home loan, you will have up to a S$1-S$1.5 million sum assured. You can also choose to get a critical illness add-on that will provide additional protection in the event you get diagnosed with a critical illness (heart attack, cancer, liver failure).
Claims & Contact Information
If you purchased OCBC Mortgage Protect from an OCBC advisor, you can file a claim through them. If you purchased it through one of our advisors at PolicyPal, you will file your claim through the PolicyPal website.
| Contact Information | |
|---|---|
| OCBC Customer Service | 1800 363 3333 |
| OCBC Customer Service #2 | 65 6363 3333 |
| PolicyPal Customer Service | 65 3163 9184 |
| PolicyPal Claims | [email protected] |
OCBC Mortgage Protect Advanced Features & Summary
A mortgage insurance plan may be a good fit for some consumers, but it may not necessarily be the best fit for you. If you are interested in OCBC Mortgage Protect Advanced, please reach out to one of your advisors at PolicyPal by clicking 'Get a Quote'. If you'd like to learn more about other mortgage insurance products, you can check out our guide to the best mortgage insurance plans in Singapore.
| Plan Features | |
|---|---|
| Policy Term | N/A |
| Premium Term | Policy Term - 3 Years |
| Life Coverage | Death, TI, TPD |
| Issuance Age | 18-65 (Age Next Birthday) |
| Premium Refund | 100% (if no claims made at policy maturity) |
Read Also:
Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.