Mortgage Life Insurance
Mortgage protection is insurance designed to provide cash benefits to assist you in meeting your mortgage obligation in the event of::
- You being unable to work due to injury or illness
- An unexpected death
- A critical illness such as cancer, heart attack or stroke
It has become more common to purchase a level term insurance policy for a specified period of time, usually 15, 20 or 30 years. The reason for this trend is level term insurance is usually more cost effective than decreasing term insurance offered by mortgage brokers or banks.
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In addition to the lower cost, this coverage does not reduce as your mortgage balance decreases and is completely portable. The premiums and the benefits are guaranteed for the time period you select when you qualify. Simply put, this means you can refinance your mortgage, even pay it off, and you can continue your coverage for the length of the term you selected at a guaranteed premium. More and more people are taking advantage of a relatively new benefit called Return of Premium. This benefit is in addition to those listed above and provides a full refund of premiums paid, less any amounts received, at the end of the term.
