Mortgage Protection can work two different ways depending on the health and needs of our clients.
Mortgage Protection pays out a sum of money either on the death of the insured person or in advance against the death benefit in the case of being diagnosed with a terminal illness. Mortgage Protection years ago would have a decreasing benefit however the new plans are not structured that way.
We can look at how long the term is on your mortgage and try to find a product and company that would give you coverage for the same amount of time as your mortgage so that in the event of your death the home will be paid off. Another option we have is depending on your age and health we can structure a plan that will provide enough money so that your loved ones can make the payments on the house anywhere from a 6-24 month period until they decide to refinance or sell the home.