Here’s what Mark leant when he bought his first house:
“I moved to Australia and bought a small house in a small mining town in central QLD, working at explosives plant. I used the first time buyers allowance and got the house for $28,000. I got insured against long term illness from work, to protect my mortgage.
7 years later after an open heart surgery I was told I had to give up work, I went to my insurance company, and with all good intentions answered a question “Will you go back to your occupation?”. I put down “Yes I would hope I could”, and they tried to reject my claim because there was a clause that said if at any time you can go back to doing your line of work you wont get paid out.
Let this be a warning to you about sickness cover, ask that question , I could have lost everything because in my pride made me think I could go back to work – but I really couldn’t and was doing the right thing.
At the end I won my case against the insurance company, sold the house for $175,000 and decided if I ever got a cover – that would be the main question to ask, you can think you’re covered, but they slime their way out of paying out if they can, beware.”