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get you back where you belong Mortgage Insurance. This is simply regular life insurance which is used to ensure that, in the event of the death of either of the borrowers, the mortgage will be paid off in full from the proceeds. Since this is not mandatory, an important question to ask of any lender who offers it is "who is the beneficiary?". If the lender is the beneficiary, it can be used by them to retire the mortgage in full...which may not be the survivor's desired course of action, particularly if the mortgage is at a much lower rate than the survivor can earn after tax on investments. We offer two basic types of mortgage life insurance: Term Life Insurance is a low cost, traditional decreasing term life insurance plan to cover your mortgage. There are several types to accommodate your specific needs. Mortgage Payment Protection Insurance In recent years, it has become possible to buy income protection insurance specifically to ensure mortgage payments can be maintained in the event of not only disability (now a standard product), but also loss of employment.For questions contact me here. |