What is Mortgage Protection Insurance?
As a homeowner, you want reliable, cost-effective coverage that fully protects your property.
Mortgage protection insurance is a form of term life coverage built to pay off your home loan if you pass away. It works much like a traditional term policy: you select a coverage period, make monthly premiums, and if you die while the policy is active, your beneficiary receives the funds needed to clear the mortgage. It’s designed to ensure your family can remain in the home without the burden of housing payments.
Mortgage protection insurance may be a strong fit if you want to:
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Safeguard one of your largest financial assets
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Make sure your family never faces the risk of losing their home
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Provide dependable financial protection if the unexpected occurs
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Have Living Benefits you can access within your policy in the event of a critical illness or disability to help with income replacement
Why Do I Need Mortgage Protection Insurance?
As a homeowner, keeping your mortgage paid on time is essential. But if you were to pass away, become disabled, or face a serious illness, your income could vanish, and your family could be left struggling to keep their home. While the future is unpredictable, mortgage protection insurance gives you the peace of mind that your loved ones can stay secure no matter what comes your way.