Mortgage Protection
Mortgage protection is life insurance sized around your home loan so your family has resources to stay in the home if you pass away. It is usually a standard life insurance policy structured around your mortgage balance and remaining term.
Coverage amount and term can be matched to the remaining mortgage.
Your beneficiary receives the death benefit and chooses how to use it.
Level or decreasing designs may be available depending on the carrier.
Most mortgage protection is written as term or permanent life insurance with the coverage amount and duration matched to the remaining loan. The death benefit is paid to your named beneficiary, not to the lender, so your family decides how to use it.
Policy structures differ. Some consumers prefer level coverage for the full loan amount; others prefer coverage that decreases along with the balance.
Life insurance eligibility and pricing can change as age and health change. Comparing available options today can help you understand where you currently stand.
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