Mortgage Protection Insurance
Help protect your loved ones, your home and your savings with life and disability insurance for your mortgage
Mortgage Protection Insurance
Mortgage protection insurance is an insurance policy that pays off your mortgage if you or another policy holder dies during the term of the mortgage. If you have a joint mortgage, both people need mortgage protection insurance. It runs for the same length of time as your mortgage. So, if you take out a mortgage over 20 years, your mortgage protection insurance must also be in place for 20 years.
When you’re buying a new house or condo, it can take time before you find the place you can call home. When you find it and you get your keys – it’ll be worth the wait.
Homeowner’s insurance is not the same as mortgage insurance
Homeowner’s insurance, also known as property or home insurance, helps protect your home from physical threats like fire, water damage, accidents, and loss of property from theft. It’s required when you have a mortgage.
Mortgage protection insurance helps cover your mortgage payments if you become seriously ill or die unexpectedly. It’s a smart way to secure your future.
The importance of insuring your mortgage
Purchasing a home is one the biggest investments you’ll make in your life. It is therefore essential to find mortgage insurance that is adapted to your situation. There are many advantages to insuring your loan with us that your loaning institution doesn’t offer:
- You’ll keep your insurance even if you switch lenders when you renew your mortgage.
- You own the contract and choose your beneficiaries.
- Your premium is set based on your personal profile and will not increase, even if your health condition worsens.
DID YOU KNOW?
- Mortgage insurance from a bank is more expensive than from an insurance company.
- In the event of disability or death, the insurance covers your mortgage payments or any other loans.
Types Of Mortgage Protection Insurance
Choosing both term life insurance and critical illness insurance together gives you and your family the right protection when you need it most.
Critical illness insurance
If you become seriously ill, you’ll receive a lump-sum payment to spend as you choose, on things like medical expenses and mortgage payments so you can focus on recovery.
Term life insurance
Gives you affordable, flexible protection that your loved ones could use to pay off your mortgage or cover other expenses if you die unexpectedly.
Do You Really Need Mortgage Protection Insurance
A mortgage is a long-term obligation to pay back the money you’ve borrowed – and a lot of things can happen over the years. Whether you’re single, married or living common law, and whether you’re with or without children, it’s important to protect yourself and the ones you love.
Are you buying a bigger home for your growing family?
How term life insurance helps
- Term life insurance can help you protect your family’s finances.
- Your beneficiary can use the coverage to pay the balance of your mortgage, or put it towards your children’s education.
Some term life insurance plans give you the option to cover your children, too, protecting their future insurability.
How critical illness insurance helps
- Critical illness insurance is available for you, your spouse and your children.
- If one of you becomes seriously ill, the insurance benefit could help replace any lost wages when you take time off work to recover or to help your spouse or child get better.
- The insurance benefit comes directly to you so you’ll be able to use it for other expenses and not just your mortgage payments.
How, together, both types of insurance help
Building a plan that that includes both term life insurance and critical illness insurance means your family has the best possible protection against the significant impact of unexpected illness or death.
Are you buying a home with someone else?
How term life insurance helps
- If you’re buying a house with someone else, you’ll need to think about how you’d carry the expense of a mortgage without your partner’s income.
- Term life insurance can provide affordable protection for both of you, and help you maintain your home and lifestyle in case of an unexpected loss.
How critical illness insurance helps
- If you and your partner both buy critical illness insurance, you’ll have money available to take time off work to care for each other if one of you becomes seriously ill.
- Having the insurance benefit can help you focus on getting better – instead of on your mortgage payments.
How, together, both types of insurance help
- Building a plan that that includes both term life insurance and critical illness insurance means you and your partner have the best possible protection against the significant impact of unexpected illness or death.
Are you buying a home on your own?
How term life insurance helps
- Even without a spouse or dependants, you’ll leave behind debts and final expenses when you die. Term life insurance means you can make sure looking after your affairs will not be a financial burden to others.
- By getting term insurance now, you also help ensure that you’ll be protected in the future.
How critical illness insurance helps
- If you’re single and you become seriously ill, would you be able to continue paying your bills or your mortgage if your income was disrupted?
- Critical illness insurance can help you pay for expenses like getting the care you need – or your mortgage payments – so you can focus on getting better.
How, together, both types of insurance help
- Building a plan that includes both term life insurance and critical illness insurance means you retain financial independence with the best possible protection against the significant impact of unexpected illness. And, your finances will not burden others if you die unexpectedly.
Other Services
Life Insurance
Life insurance is an important part of a complete financial portfolio and essential to all good planning whether it be to protect your family against a sudden loss of income.
Investments
Insurance that invest in one or more underlying assets, such as a mutual fund.Unlike mutual funds, segregated funds provide a guarantee to protect part of the money you invest
Special Plan
Financial Doctor provide:
- Students plan
- Wealth plan
- Millionair baby plan
- Saving / investment plan
- Umbrella plan
Frequently Asked Questions
What is the meaning of insurance?
Why do I need Insurance?
Why should one cover oneself immediately ?
How to Choose the Best Term Plan?
Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
How much life cover do I need?
If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.