Mortgage Protection
Life Insurance
- Designed specifically to pay off the remaining mortgage balance if the policyholder dies.
- Often features a ‘decreasing term’ where the death benefit aligns with the declining mortgage balance.
- Ensures that the family can remain in their home without the burden of monthly mortgage payments.
- Often include living benefits such as chronic illness, critical illness, and terminal illness.
- Usually easier to qualify for than traditional life insurance (simplified issue).
- Provides peace of mind specifically for the largest debt most families carry.
- Can be customized to match the exact length of the mortgage.
- May sometimes utilize Final Expense policies for a form of Mortgage Protection called Equity Protection. This is for those who cannot qualify for a term/decreasing term policy.