Mortgage protection insurance is a type of life insurance policy specifically designed to pay off your mortgage if something happens to you. It ensures that your family can stay in their home without the burden of monthly mortgage payments when you’re no longer there to provide for them.

Mortgage protection insurance is not included in your home loan; it’s an additional policy with its own cost. The premium is typically paid monthly, and the cost varies based on factors like your mortgage amount, age, and health.

No. Mortgage companies used to offer a limited type of coverage but most of those options ended with the restrictions that came about during the mortgage crisis.

No, mortgage protection insurance is not legally required when you buy a home. It’s an optional coverage that you can choose to have for added financial security.

After purchasing a home, you might receive numerous letters offering mortgage protection insurance. These are marketing materials from various insurance companies. It’s always wise to research and compare different offers before making a decision.

Absolutely. But it depends on your individual circumstances and the coverage you already have. If you’re a senior with a significant mortgage, dependents, or concerned about leaving debt, it can be beneficial. It’s always recommended to consult a licensed agent to get clarity about your specific situation.

Most of the folks we meet with already have a life insurance policy in place. One of our licensed advisors can provide a complementary review of your existing coverage and walk you through the different benefits a mortgage protection insurance policy can provide.