Mortgage Life Insurance, commonly known as mortgage protection is a common form of life insurance. It ensures that your mortgage will be paid off if you die or are diagnosed with one of the specified illnesses we cover during the term of your plan.
When taking out Mortgage Protection you can often add on a Specified Illness plan which will provide a cash lump sum to help you continue to pay off your mortgage and other bills should you be diagnosed with one of the specified Illness covered by the plan.
Many homeowners' worst fear is missed payments, and ultimately repossession, which is why mortgage payment protection insurance can be an effective product.
Why Would My Mortgage Payment Change?
- You have a variable rate mortgage for which the mortgage payment fluctuates regularly
- You renew a fixed rate mortgage with the same amortization period
- You switch from a fixed rate mortgage to a variable rate mortgage or vice versa with the same amortization period
Can The Average Disability Insurance Policy Meet My Needs?
A typical disability insurance policy will
entitle you to regular monthly payments in the event you become
disabled. If you signed up for disability insurance to cover a
$1000/month mortgage payment and have any changes to your mortgage
payment you could end up either under or over insured.
Mortgage Payment Fluctuations Are Covered with Mortgage Protection Plan Disability Insurance
Once you’ve received your Mortgage Protection Plan certificate of insurance, your mortgage payment will be
made on your disability claim up to $10,000/month no matter how much it changes.
made on your disability claim up to $10,000/month no matter how much it changes.
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