Mortgage or Creditor protection is most commonly offered by lending institutions, allowing their clients to insure the outstanding balance on their mortgage or debt in the event of an untimely death. The lending institution is often the beneficiary of any life insurance proceeds, and coverage typically reduces as the loan principle is repaid.
Personal life insurance protection, either Term or Permanent, is an excellent alternative to mortgage insurance for a number of reasons. Personal coverage provides a policy holder with greater flexibility in terms of benefit amount, coverage period, conversion options and beneficiary designations.
Let us help you evaluate your mortgage protection options before purchasing a home or renewing your mortgage.
