Mortgage Protection

What is mortgage protection?

Mortgage protection is for any family with a mortgage. This is coverage is designed to pay 100% of your remaining mortgage so your family no longer has to worry about monthly house payments.

Doesn’t my bank already give me mortgage insurance when I buy the house?

If you financed your home with less than 20% down, chances are you were forced to purchase private mortgage insurance. Unfortunately, this isn’t what it sounds like. Private mortgage insurance is designed to protect the lender if the buyer stops making mortgage payments. It offers absolutely no protection to buyer. Instead, the buyer loses the home, the insurance pays the economic loss, and the lender resells the home.

What are the various types of mortgage insurance?

Decreasing term is life insurance that decreases as your mortgage loan decreases. As the face value of the policy drops, so does the cost of insurance. This form of life insurance is less common, as basic term offers the same protection, does not decrease, and is just as affordable.

Term life will provide coverage for the life of the mortgage. This is the most common coverage option.

These types of life insurance are the simplest ways to protect home buyers, but you can also use other types of life insurance to cover the mortgage if there are other product features you like.

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