Mortgage Protection

Mortgage Protection is a type of insurance specifically designed to pay off or cover a mortgage in the event of the policyholder's death. It helps ensure that the outstanding mortgage balance is taken care of, relieving financial burdens on the family or beneficiaries. This type of insurance may come in different forms, such as decreasing term life insurance, where the coverage amount decreases over time in line with the mortgage balance. The goal is to provide a safety net for the family to keep their home in case the primary earner passes away before the mortgage is fully paid off.