Mortgage Protection
A Mortgage Protection policy is a smart, effective way to help safeguard your most important asset.
Mortgage Protection
Why Mortgage Protection Insurance?
Mortgage Protection plans may provide the protection of both a death benefit and Living Benefits, meaning that no matter what life throws your way, you may be able to access much-needed funds. It’s a smart, forward-thinking solution for homeowners.
Owning life insurance is a smart idea for anyone who earns money and has a family, but life insurance for homeowners can be especially important. The last thing any parent or spouse wants to do is leave behind a big mortgage debt for their surviving family to pay off after just having lost a loved one (and a big portion of the family’s income in the process).
Mortgage Protection
Protecting What Pays Your Mortgage
Why own a Mortgage Protection Policy?
“It saved the house. It saved us financially.”
Frequently Asked Questions
Mortgage protection insurance is a life insurance-based plan that may pay off your remaining mortgage balance if you die or suffer a qualifying disability, potentially helping ensure your home stays paid for and your family avoids foreclosure risk.
When a qualifying event occurs, such as death or critical disability, the policy may pay a benefit tied to your mortgage obligation. This payout can cover outstanding principal and interest, and may include living benefit access for critical illness if included.
A mortgage protection plan typically triggers a claim upon the insured’s death or diagnosis of a specified critical illness or disability, allowing access to funds that help cover mortgage obligations and living expenses during recovery.
Coverage duration usually matches your mortgage term — for example, a 15- or 30-year plan — and declines as the mortgage balance decreases. Once the mortgage is paid off or the term ends, coverage typically expires.
Mortgage protection insurance specifically ties benefits to your home loan payoff, while traditional life insurance offers a death benefit that your beneficiaries can use for any purpose. Traditional life insurance may provide broader financial flexibility.