Mortgage Protection Insurance

When you purchase a home, one of the most important things that you can do is to make sure that your mortgage is protected. This means that if your partner passes away, the mortgage is covered and the cost of living on a now halved income will not mean the loss of your home. However, there are several different plans available out there that offer mortgage protection – with some very real differences.

Mortgage Life Insurance: The first type of protection is mortgage life insurance, or rather a life insurance plan that protects your mortgage. This means that if someone dies, a portion of the life insurance benefits can be used to pay off the mortgage. For many families, this eliminates a substantial monthly payment, and depending on the policy you choose, can come at a significant savings.  However, if you choose not to take part of the life insurance policy funds and pay off the mortgage you can – the choice is up to you.

Mortgage Protection Plan: The other type of protection is the mortgage protection plan. This is a policy that you pay into monthly that protects your mortgage only – there is no insurance component. With this policy, when the benefit is paid it goes directly to your mortgage lender – you do not get to choose the beneficiary. For some this is a positive, as it means your loved ones don’t have to worry about it, the mortgage is just paid off. For others the inability to choose what to do with the funds is a negative.
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One thing to watch for: with a mortgage protection plan, only the balance of the mortgage is protected – not the amount that you paid for the house or its value. This means that if you have spent 20 years paying off your mortgage and only a small amount remains, the policy you have paid into for several years only covers that amount (the amount of coverage decreases as your mortgage decreases). Additionally, your premiums remain the same, so in essence you are paying the same amount even though your mortgage amount decreases over time.

Mortgage Insurance From Your Bank: when you get mortgage insurance from the bank lending you the money to purchase your new house, this protects the bank in case you default on the mortgage. This does not cover a death and does not pay off your mortgage – it just provides security to the bank in case your payments are not made.