Mortgage Protection Insurance provides a death benefit that directly correlates with your mortgage balance. If you pass away, the insurance will cover the remaining mortgage balance. Some policies also cover disability and critical illness, ensuring that you can keep up with payments if you are unable to work.

Mortgage Protection Insurance ensures that your family won’t face the risk of losing their home if something happens to you. It offers peace of mind, knowing that your mortgage will be paid off, even in the event of your unexpected death, disability, or critical illness.

The amount of coverage you need generally depends on your mortgage balance. The goal is to have enough coverage to pay off the remaining mortgage amount in case of your death, disability, or critical illness. Your insurance provider can help you assess the right amount based on your specific mortgage and circumstances.

If you have a mortgage and want to ensure that your family can continue to live in your home if something happens to you, Mortgage Protection Insurance can be a good option. It’s particularly valuable for those with a large mortgage or families who rely on your income to make mortgage payments.

Premiums for Mortgage Protection Insurance can either stay the same or decrease over time. Some policies are structured to decrease as your mortgage balance decreases, while others may offer fixed premiums throughout the policy term.