Protect your biggest asset
What is mortgage protection?
Mortgage protection insurance (sometimes known as mortgage life insurance or mortgage protection life insurance) is a policy that pays off the remaining debt on your mortgage if you die.
Simply put, lenders prefer mortgage life insurance because they are the ones who receive payment after you die. A standard life insurance policy's death benefit is distributed to the beneficiaries you select. The beneficiary of a mortgage life insurance policy, on the other hand, is the lender, who will be reimbursed the remainder of your mortgage.
Mortgage protection is best when you purchase your home for life, and you want to leave it mortgage-free for your children.
The most significant advantage of mortgage protection insurance is its ease of use. It matches your mortgage balance exactly, and there's usually no need for a life insurance medical exam to purchase a policy. Mortgage life insurance may be an option to financially secure your house if you are rejected term or whole life insurance due to medical concerns.
Mortgage protection insurance can also be used as a supplemental life insurance policy. If your mortgage is paid off with money from a mortgage life insurance policy, for example, your family could utilize the entire benefit from your term or whole life insurance policy to pay bills and other expenditures.
What does it cover?
Involuntary job loss