Mortgage Protection
"Secure Your Home with Mortgage Protection Insurance"
What is Mortgage Protection Insurance?
Mortgage protection is a type of life insurance designed to cover mortgage payments in the event of the policyholder’s death, disability, or critical illness. The goal is to ensure that the homeowner’s family doesn’t lose their home due to an inability to keep up with mortgage payments if something unexpected happens.
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What It Covers?
Frequently Asked Question
Mortgage protection can cover a range of situations beyond just death, depending on the options included in the policy. The goal is to relieve financial pressure on the family and protect their home when the unexpected happens.
While both provide a death benefit, mortgage protection insurance is specifically tied to paying off your mortgage. Regular life insurance can be used for a wider range of expenses, like paying off other debts or providing income replacement. Mortgage protection is typically decreasing term insurance, meaning the payout reduces over time as your mortgage balance decreases.
No, the policy is owned by you, the homeowner. The payout is intended to cover the mortgage, but it is paid to your designated beneficiary, who can then use the funds to pay off the mortgage.
If you pay off your mortgage early, you can cancel the policy. Some policies may offer a refund of unused premiums, but this depends on the terms and conditions.
If your mortgage balance is higher than your coverage, your family will need to pay the remaining amount. It’s important to review your policy to make sure the coverage amount matches your needs.
The cost of mortgage protection insurance varies based on factors like your age, health, mortgage amount, and the specific coverage options you choose. Generally, it’s considered affordable compared to other types of insurance.
