What is mortgage protection insurance?
If you’re buying a home, there’s a lot to think about. As you begin making choices from finding the best mortgage rates to choosing your colour scheme, it's good to know you also have choices when it comes to protecting your mortgage and your family's finances from the unexpected.
While you know you’ll need insurance, it’s important to understand the different types of coverage and the different kinds of policies.
Homeowner's insurance is not the same as mortgage insurance
Homeowner's insurance, also known as property or home insurance, helps protect your home from physical threats like fire, water damage, accidents, and loss of property from theft. It’s required when you have a mortgage.
Mortgage protection insurance helps cover your mortgage payments if you become seriously ill or die unexpectedly. It’s a smart way to secure your future.
With a range of products and features to offer, can help you choose the product or products that best fit your needs.
Types of mortgage protection:
Critical illness insurance
If you become seriously ill, you’ll receive a lump-sum payment to spend as you choose, on things like medical expenses and mortgage payments so you can focus on recovery.
Term life insurance
Gives you affordable, flexible protection that your loved ones could use to pay off your mortgage or cover other expenses if you die unexpectedly.