Mortgage life insurance can pay off your mortgage in the event of your death.
Why you might need it
- You have or are getting a mortgage.
- A home mortgage is often one’s largest single debt. Can your family afford to make the payments in the event of your death?
- A home mortgage provides peace-of-mind in knowing that your family can live in a mortgage-free home if you die.
What you need to know
- Mortgage life insurance provides financial security for your family because your mortgage payments will be made or your mortgage will be paid off if you die before the end of the amortization.
- Mortgage life insurance provides flexibility. Your beneficiary can decide how the insurance proceeds are used. Other similar products are restricted to paying off the mortgage.
- Mortgage life insurance automatically moves with you should you change lenders. It is yours to keep. You never have to re-apply.