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What options do I have for protecting my mortgage?

With all that your home means to you and your family, you'll want to do everything possible to protect it. Mortgage protection is about taking steps to protect the mortgage on your home. It involves creating a plan to help make sure your family is able to keep up the mortgage payments if you become sick or die unexpectedly.

In general, there are two options for protecting your mortgage:

Option 1. Individually (or jointly) owned life insurance, critical illness insurance or both.
Option 2. Mortgage insurance - like those from a bank.

Both options do the same thing - protect your mortgage

Did you know with option 1 you can:
  • Choose who receives the cash payout,
  • Decide how the payment is used - e.g. to make mortgage payments.
  • Have the flexibility to adjust the type and amount of coverage,
  • Continue your coverage even if you change mortgage lenders.
Do you have the best formula to protect your mortgage?