Mortgage Protection Life Insurance

A sales concept where an individual or a family purchases a term life insurance policy for the duration of the mortgage to prevent that the family may default on their mortgage payments in the event of a death of a breadwinner or if the insured’s were to suffer a critical, chronic or terminal illness.

The full death benefit is paid to the beneficiary of their choice to either pay off the outstanding loan in full or continue to make periodic payments form the proceeds of the policy.  So they avoid the loss of the family’s home, the loss of their investment and the disruption of the family life style.

The addition of Living Benefit Riders in the latter years allows for full protection from a health emergency like a Critical Illness which is the number one cause for Foreclosures in the last 10 years.