Whether or not you’ve got a home loan or looking to purchase your first home, you’ve probably heard about insurance. More specifically, mortgage protection insurance. Knowing what this insurance covers is so important as this is the one that protects you and not your lender!
Wait a minute? Insurance that covers ME with my home loan?
This is an insurance policy that is aimed at protecting you if you experience unemployment, illness, injury, or death. The policy will assist with the continuation of mortgage payments. It is an optional insurance that you can choose to purchase or not.
Why is it called Mortgage Protection Insurance?
Well, it’s pretty self explanatory really. This type of insurance helps to protect your family from unexpected circumstances that can cause your payments on your home loan to fall short.