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Short Story: "The Importance of Mortgage Protection Insurance"

Morea, a successful professional in Papua New Guinea, was the sole breadwinner of his family. Like many others in his community, Morea lived a communal lifestyle and supported his parents, siblings, nieces, and nephews. He had taken out a mortgage to purchase his first home on the outskirts of Port Moresby and was proud of his achievement.

But life took an unexpected turn when Morea fell ill and was unable to work for some time. The household faced financial difficulties without his income, and even their betelnut sales couldn't sustain their lifestyle. Morea was stressed, knowing that he may not be able to catch up on missed mortgage payments and the bank could repossess his home.

Thankfully, Morea recovered and returned to work, but it made him realize the importance of being prepared for the unexpected. What if he hadn't recovered? The bank would have given notice for his family to move out and repossess the property. His loved ones would have struggled to make the mortgage payments without his income.

This is where Mortgage Protection Insurance comes in. It ensures that in the event of the borrower's death or disability, the remaining family members can continue to stay in the home without the burden of mortgage repayments. It's important to understand the value of this insurance and put yourself in Morea's shoes.

No matter how successful we are, having a mortgage over our most important asset - our home - means that missed repayments can have a catastrophic impact on our loved ones after we're gone. We don't want that, and neither did Morea. So, let's take a lesson from his experience and make sure we protect our families and our homes with Mortgage Protection Insurance.