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, mortgage protection insurance 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 20 years seems to be the common option for most people. Mortgage protection can also cover you in case you get diagnosed with a serious illness or a 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 whatever 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.