Mortage Protection

Have you just bought a home and are wondering if you need mortgage protection insurance? Buying a home is one of the biggest investments we make in our lifetime. It is essential to safeguard this investment and make sure you or your loved ones don’t lose it.

One of the best ways to protect your home is by buying Mortgage Protection Insurance. It is a life insurance policy that pays off your mortgage if you pass away. Read on to find out more about mortgage protection insurance, how it works, its pros and cons, and whether the policy is worth it. 

Mortgage Protection Insurance (MPI) is a type of term life insurance that pays off your loan if you die while your mortgage is still active.  It provides coverage for the same number of years as your mortgage. The policy protects your dependents from the burden of mortgage payment in the event of your death. 

Mortgage protection insurance works in a similar way to life insurance. You pay premiums throughout the duration of your policy.  If you pass away during this period, the policy will pay your outstanding loan to the mortgage lender. This way, your loved one won’t have to worry about mortgage payments or foreclosure.

Mortgage Protection Insurance is designed to be a simpler alternative to standard life insurance policies.  In most cases, NO MEDICAL EXAMS are required and approval takes no more than a few days.

YES! in most cases, life insurance and mortgage protection go hand in hand and most families will need BOTH to protect their assets.