In case you have any specific question or concern please feel free to contact us and one of our licensed life insurance advisor will be more than happy to assist and answer your questions. Our Toll Free Number is

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What is Mortgage Life Insurance?

Mortgage life insurance, also known as mortgage insurance or creditor insurance, is offered by most banks and lending institutions. Mortgage life insurance is insurance product and it insures that in the event of untimely death of the borrower, the loan or mortgage balance would be paid off by the insurance policy. This is in contrast to Private mortgage insurance, which is meant to protect the lender against the risk of default on the part of the borrower. In simple words, mortgage life insurance is designed to protect a repayment mortgage, if the policyholder were to die while the mortgage life insurance was in force. Mortgage life insurance is supposed to protect the borrower's ability to repay the mortgage for the lifetime of the mortgage. This is in contrast to Private mortgage insurance, which is meant to protect the lender against the risk of default on the part of the borrower.

When buying Mortgage Insurance- What to Consider?

1.Who will be the owner of the policy? You or the Bank?

2. Can you change lenders at later date without worrying about the mortgage insurance?

3. Who will be the beneficiary of this policy? Your heir or bank?

4. Does the coverage reduce over time as the balance of mortgage decreases with time? Or does the coverage stays the same?

5.If the coverage reduce over time, does the premiums reduce as well?