Mortgage Protection Insurance

Protecting your Home & Family

All set to buy a new home but are confused between purchasing Mortgage Insurance and Mortgage Protection Insurance. Both of the insurance sounds similar yet they are different from one another. 

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Homeowner's policy is a
insurance policy.

How are Mortgage Insurance and Mortgage Protection Insurance different?

  • Mortgage Insurance reduces risk of lenders. It provides coverage for the unpaid amount in case of your death. You can purchase insurance from a bank or mortgage lender. Mortgage insurance is a safety net for your lender and not for your family. The amount received in case of your death will go directly to the bank account or mortgage lender and used to pay part or full payment of your mortgage loan. If there is some amount left after full payment of mortgage, it will not be given to your family.
  • Mortgage Protection Insurance is a type of life insurance policy that provides a lump-sum amount to your family or nominated beneficiary in case of your death. The amount will not be limited to the unpaid mortgage loan. Mortgage Protection Insurance will help you cover mortgage loans as well as your family’s financial needs. Mortgage Protection Insurance must be a preferred option if you have dependents or family to take care of.
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How a Mortgage Protection policy works?

While investing in Mortgage Protection Life Insurance policy, it is important to evaluate all your family expenses, debts and mortgage costs while deciding on coverage you need. If the coverage bought is inadequate then the Mortgage Protection Insurance will not fulfill its purpose.

Type of Mortgage Protection Insurance

The mortgage loan you take will be for a specific period of time. Mortgage Protection Insurance is a combination of mortgage protection and protecting your family financially. Therefore, a term life insurance will be more suitable than permanent life insurance. Mortgage Protection Insurance is like Term Life Insurance and you can get it for 10, 15, 20 or 30 years. The cost of premium will be low for the first term, and then change as per terms and conditions. 

Ez Financial offer Mortgage Protection Insurance at best rates to protect your family and home at the same time. We have strong business network with leading insurance companies that help us offer suitable coverage at nominal premiums. Purchasing a house is a lot of work by itself; leave Mortgage Protection Insurance to us. 

Mortgage Agent : Bhavin Shah 

License # : M11001157 

Call us now for the best rates!