Frequently Asked Questions

What is Mortgage Protection Insurance? Mortgage Protection Insurance is a life insurance policy designed to pay off your mortgage in the event of your untimely death. This ensures your loved ones won't be burdened with the financial stress of your mortgage debt.

How much Mortgage Protection do I need? The amount of coverage you need depends on the outstanding balance of your mortgage. It's advisable to consult with an insurance advisor to determine the optimal coverage.

What are the different types of Mortgage Protection? There are several types, including:

• Level Term Life Insurance: Provides a fixed death benefit for a specific term.
• Decreasing Term Life Insurance: The death benefit decreases over time, matching your declining mortgage balance.
• Increasing Term Life Insurance: The death benefit increases over time to account for potential mortgage balance increases.

What is a Term Mortgage? A term mortgage is a type of mortgage with a fixed interest rate for a specific term, typically 5, 10, or 15 years. After the term ends, you'll need to renew your mortgage or pay off the remaining balance.

What are the advantages of a Term Mortgage?

• Predictable Payments: Fixed interest rates ensure stable monthly payments.
• Potential for Lower Rates: Term mortgages often offer lower interest rates compared to variable-rate mortgages.
• Flexibility: You can choose a term that aligns with your financial goals and risk tolerance.

What is Life Insurance? Life insurance provides a financial safety net for your loved ones in the event of your passing. It can help cover funeral costs, outstanding debts, and future financial needs.

What are the different types of Life Insurance? The primary types of life insurance are:

• Term Life Insurance: Provides coverage for a specific period, offering a lower premium.
• Permanent Life Insurance: Offers lifelong coverage with a cash value component that grows over time.

How much Life Insurance do I need? The amount of coverage you need depends on your family's financial situation, outstanding debts, and future goals. An insurance advisor can help you assess your needs