What “mortgage protection” means here
It is generally life insurance—not homeowners insurance. The beneficiary receives a payable death benefit and can use it for the mortgage or other family needs.
Questions that shape the amount
- Current mortgage balance, payment and years remaining.
- Other income the household would lose.
- Whether the goal is to pay off the loan or help with payments.
- Existing employer and personal life coverage.
What to compare
Term length, benefit structure, premium, underwriting and whether the beneficiary is your loved one or a lender. Also consider needs beyond the mortgage.
Be careful with the name: mortgage protection products vary. Read the beneficiary, benefit and duration provisions in the actual policy.
Protect more than a loan balance.
Ask Shane to help frame the mortgage, income and family needs together.