When taking out a mortgage, it can be a good idea to protect your family and your investment by considering how it will be paid off in the event of your death. Mortgage protection insurance is designed to pay your mortgage balance in full, if you die before the mortgage has been fully paid off. You may also want to consider how to continue your mortgage payments if your income falls, due to an illness or disability.
How does it work?
As a homeowner, mortgage protection insurance can guarantee that your family will remain in your home, even if you pass away before your mortgage is fully paid off. We offer different term lengths to suit your family's needs, although 20 years seems to be a good starting point for a lot of people. Mortgage protection can also prepare you for an unexpected illness or disability that can potentially derail your financial goals.
Additionally, the return of premium option allows you to receive some or all of your money back if you outlive the policy's term period. At that point, you can pay off the remainder of your mortgage balance, or use the money for something else. With this unique type of life insurance coverage, you can have peace of mind knowing that your mortgage will be taken care of in case you become ill, disabled, or pass away.
- Applicants with a history of medical conditions can expect to wait longer before a decision is made.