Mortgage Protection Insurance
Affordable insurance that provides financial security for your home and family should tragedy strike.
Mortgage Protection Benefits
Mortgage protection insurance is an affordable term life policy designed to pay off your mortgage if you pass away. By ensuring your family can stay in their home, it offers financial security and peace of mind.
It's ideal if you want to:
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Protect your most valuable asset
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Ensure your loved ones never face losing their home
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Provide financial security in the face of unexpected events
Why Mortgage Protection is a Must
Paying your mortgage on time is essential, but what if you could no longer contribute due to death, disability, or critical illness? While the future is uncertain, mortgage protection insurance provides peace of mind by ensuring your loved ones are financially secure.
How Mortgage Protection Works
Mortgage protection insurance works like other life insurance: you pay premiums based on your age, health, and mortgage value. If you pass away while the policy is active, it provides funds to pay off your mortgage.
Main Benefits of Mortgage Protection
Takes Care of Mortgage Payments
In certain cases, mortgage protection can pay your monthly mortgage payments if you lose your job, get sick, or injured.
Money Goes to Your Family
In the case of death, the payout goes directly to your chosen beneficiary.
Tax Free Lumpsum
Your beneficiary will receive a lumpsum payment tax free.
Your Coverage Moves With You
Moving to a new place? Mortgage protection is tied to you, not your home. No matter where you move, mortgage protection is always protecting you.
How Mortgage Protection differs from home insurance
Homeowner's insurance is designed to cover the home itself. For example, damage to your home in severe weather, theft of belongings, vandalism, fire damage, and personal injury lawsuits if someone gets hurt on your property.
Mortgage Protection insurance covers your home's equity and everything you put into it. It gives your family the peace of mind that they will be able to pay off the mortgage in case of something happening to the breadwinner of the home.
Homeowner's insurance is designed to cover the home itself. For example, damage to your home in severe weather, theft of belongings, vandalism, fire damage, and personal injury lawsuits if someone gets hurt on your property.
Mortgage Protection insurance covers your home's equity and everything you put into it. It gives your family the peace of mind that they will be able to pay off the mortgage in case of something happening to the breadwinner of the home.
Frequently Asked Questions
Do I qualify for mortgage
protection insurance?
In most cases, yes! Mortgage protection insurance typically has a very high approval rate since most plans feature simplified underwriting, meaning you won’t need to undergo a medical exam to qualify.
When should I buy mortgage
protection insurance?
If you have a mortgage on your home or are in the process of securing one, it's worth considering mortgage protection insurance.
Can I afford mortgage protection
insurance?
Mortgage protection insurance is one of the most affordable types of coverage and is often a more cost-effective alternative to purchasing a separate whole life policy to cover your mortgage in the event of your passing.
What is mortgage protection insurance, and how does it work?
Mortgage protection insurance is a type of life insurance designed to cover your mortgage payments if you pass away or become unable to work due to disability. The benefit typically goes directly to the mortgage lender to ensure your home is paid off.