Mortgage protection life insurance is designed to pay your mortgage balance in full, if you die before the mortgage has been fully paid off. It also allows you to continue your mortgage payments if your income falls due to a serious illness or disability.
How does it work?
As the breadwinner of your family, a mortgage protection policy can guarantee that your family will remain in your home in the event you pass away before your mortgage is fully paid off. We offer different term lengths to suit your family's needs, although a 30-year term seems to be the most popular. Additionally, a mortgage protection policy can cover you in case you get diagnosed with a serious illness or a disability that can potentially put your mortgage at risk. It also allows you to receive a refund of your premiums 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 any other reason.
- Applicants with a history of medical conditions can expect to wait longer before a decision is made.