Overview
Mortgage protection is term life insurance sized and structured to pay off your home loan if you pass away during the term. It keeps your family in their home without the burden of monthly mortgage payments.
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Mortgage Protection
Term policies sized to pay off your mortgage if something happens to you — keeping your family in their home.
How it works
You choose a term that matches your mortgage payoff schedule (commonly 15, 20, or 30 years) and a death benefit equal to your mortgage balance. Available in 'level' form (constant benefit) or 'decreasing' form (benefit shrinks as your loan does).
Best for
New homeowners, families with most of their net worth tied to their house, and anyone who wants peace of mind that a surviving spouse won't be forced to sell the home.
- Coverage matched to mortgage
- Decreasing or level options
- Pairs with disability riders
Things to consider
An independent term policy often gives more value and flexibility than the 'mortgage insurance' offered by lenders — and unlike lender policies, the death benefit goes to your family (not the bank), so they can decide how to use it.