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Mortgage Life
Insurance
Mortgage Life Insurance is a form of insurance specially designed to protect a repayment mortgage. It is a flexible low-cost way to protect one of your largest outstanding financial obligations. If the policyholder dies while the Mortgage life insurance is in force, the insurance company will pay out a capital sum that will be just sufficient to repay the outstanding repayment mortgage.
The cost of insurance is based on your age and the mortgage amount. On the other hand, even as you get older your premiums will not increase for the term of your mortgage. Hence, mortgage life insurance coverage will always remain affordable.
Benefits of Mortgage Life Insurance:
- Pays your entire outstanding mortgage principal amount in the event of your death.
- Up to five years of accrued interest.
- Flexibility to appoint the beneficiary who will determine how the death benefit will be used.
- Change the beneficiary anytime if you have elected a revocable beneficiary.
- Select a policy that has a conversion option that will grant you the option of changing the coverage
to permanent protection in the future regardless of health.
- Purchase any amount of coverage and add or decrease coverage at anytime.
- Select a policy that has guaranteed premiums.
- Possibility of two death benefits if you decided to cover for you and your spouse.
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