Mortgage Protection is specialized term life insurance designed to pay off your mortgage if something happens to you. Unlike traditional mortgage insurance, this coverage goes directly to your beneficiaries, giving them the flexibility to use the funds as needed.
Key Benefits
- Coverage amounts tailored to your mortgage balance
- Living benefits for critical, chronic, and terminal illness
- Level premiums that never increase
- Accelerated death benefit riders available
- Your family can stay in their home
- Funds can be used for any purpose
- No medical exam options available
Living Benefits Explained
Modern term life insurance includes living benefits that allow you to access your death benefit while you’re still alive if diagnosed with:
- Critical Illness: Heart attack, stroke, cancer, major organ transplant
- Chronic Illness: Inability to perform 2 of 6 activities of daily living
- Terminal Illness: 12-24 month life expectancy
Who Needs Mortgage Protection?
- New homeowners with large mortgages
- Single-income families
- Self-employed individuals
- Military families during transition
- Anyone whose death would impact mortgage payments