What is Mortgage Life Insurance?
Mortgage life insurance protects homeowners and their families from deaths, illnesses, and accidents. If the policyholder died, becomes ill, or suffers an accident while the mortgage life insurance was in force, the policy would pay out a capital sum that will be sufficient to repaying the outstanding mortgage.
You can protect your family home with mortgage life insurance. The cost of the insurance is determined on your age when you apply and the amount of your initial mortgage. Your premiums will not increase over the term of your mortgage and the payments will be included into your regular mortgage payment.