Mortgage protection insurance
You Deserve More Than Just Mortgage Protection—You Deserve Peace of Mind.
Your mortgage is just one part of your financial picture. That’s why our comprehensive life and health insurance goes beyond basic mortgage coverage, offering protection that truly puts you and your family first.
Secure your home, safeguard your future, and protect what matters most—all in one plan.
What Is Mortgage Protection Insurance?
Buying a new home? Your mortgage lender might offer you mortgage insurance (also known as creditor insurance). But before you sign on the dotted line, ask yourself: Do you really need mortgage insurance—or would mortgage protection insurance serve you better? While they sound alike, they’re not the same. Here’s why that difference matters to you and your family.
Mortgage Protection Insurance: Protect More Than Just Your Mortgage
Mortgage protection insurance is actually a type of life insurance designed to support your loved ones financially if the unexpected happens. If you were to pass away, your family or chosen beneficiaries would receive a tax-free payout, known as a death benefit. This amount depends on the coverage you select, giving you the power to plan for your family’s future.
With a mortgage protection life insurance policy, you’ll enjoy key benefits like:
Coverage That Stays with You: Keep your protection even as you pay down your mortgage.- Flexibility to Move: Your coverage follows you, even if you buy a new home.
- Choice of Beneficiary: You decide who receives the death benefit—not your lender.
But the best part? Your family can use the money however they need it most:
Mortgage payments
Paying off debts
Childcare costs
Everyday living expenses
This flexibility ensures that your loved ones aren’t just left with a paid-off house—they’re left with the means to maintain their quality of life.
How Is This Different from Mortgage Insurance Offered by Banks?
Mortgage insurance through your lender works differently. It’s designed solely to cover the outstanding balance on your mortgage if you pass away. But here’s the catch:
- The payout doesn’t go to your family—it goes straight to the bank.
- No flexibility for other expenses. It pays off your mortgage, but your family may still struggle with other financial obligations.
- Coverage decreases as you pay down your mortgage, even though your premiums often stay the same.
In short, while lender-provided mortgage insurance protects the bank’s interests, mortgage protection insurance protects yours.
Which One Is Right for You?
When buying insurance, consider your family’s full financial picture—not just the mortgage. Will they need help with living expenses, childcare, or debts beyond the home loan? If so, mortgage protection insurance offers the security and flexibility your loved ones deserve.
Protect your home. Support your family. Secure their future.
What Type of Mortgage Protection Insurance Do You Need?
When it comes to protecting your home and securing your family’s future, mortgage protection insurance is more than just a safety net—it’s peace of mind. Since it’s a type of life insurance, the question is: What kind of life insurance offers the best protection for your mortgage and your loved ones?
The Smart Choice: Term Life Insurance
If you're looking for an affordable, flexible option, term life insurance is often the best fit. Here’s why:
- Coverage That Fits Your Timeline: You choose a term length that matches your needs—10, 15, 20, or even 30 years. Perfect if you want coverage that aligns with your mortgage payoff schedule.
Budget-Friendly Premiums: The cost of your policy, known as a premium, is typically low during your initial term, making it a cost-effective way to protect your family.
Financial Security for Your Loved Ones: If you pass away during the term, your family receives a tax-free death benefit. They can use this money however they need—whether that’s making mortgage payments, covering daily expenses, or paying off debts.
Term Life Insurance vs. Lender’s Mortgage Insurance: What’s the Difference?
Most mortgage lenders will offer you mortgage insurance as part of your loan process. It might seem convenient, but here’s why term life insurance often provides better value:
- You’re in Control: With term life insurance, you choose the beneficiary—not the bank. That means your family receives the payout, not your lender.
- Flexible Coverage: Your policy isn’t tied to your mortgage. Move to a new home? Pay off your mortgage early? Your coverage stays with you.
- More Than Just the Mortgage: Mortgage insurance only covers the loan balance. Term life insurance covers everything your family might need, from living expenses to education costs.
Before you finalize your mortgage, compare your options carefully. The right choice doesn’t just protect your home—it protects your family’s entire future.
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Term Life Insurance |
Mortgage Insurance through a bank or lender |
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Yes |
No, the bank or mortgage lender gets the money. |
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Do you get to choose who gets the death benefit? |
Yes |
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Ready to Take the First Step?
Starting something new can feel overwhelming, but you don’t have to do it alone. We’re here to guide you every step of the way.
Need help getting started? Let’s make it simple, clear, and stress-free—so you can move forward with confidence.