Life Insurance

What is mortgage life insurance protection?

 

It's a type of life insurance plan that provides you with an amount of life insurance to pay off your mortgage loan in case you pass away.

 

Why do people buy mortgage life insurance?

 

So that their family members can remain in the home they shared with you if you were to die before the home mortgage loan is fully repaid.

 

How does mortgage life insurance work?

 

By purchasing an amount of mortgage life insurance equal to the amount of your outstanding mortgage loan, you can make sure your loved ones have the money needed to remain in your home after your death.

 

You'll want to choose a term of coverage for your mortgage life insurance policy that protects your mortgage for the entire duration of your loan.

 

So if you have a 30 year home mortgage loan, you'll want to purchase a 30 year mortgage life insurance policy. That way, you have protection for the duration of your loan.

 

You may be able to choose a term of 10, 15, 20 or 30 years. However, most home loans are for a term of 15 or 30 years.

 

Learn more about how mortgage life insurance works