Mortgage life insurance covers the amount of your mortgage loan and ensures that if you die or become disabled your mortgage can be paid and your family or dependents can keep a roof over their heads.

   Your coverage will need to provide level or decreasing coverage depending upon the type of mortgage you have. A level policy provides the same amount of coverage over the full term of your mortgage. A decreasing policy provides coverage that reduces as your mortgage loan is paid.

How does the policy work?

• Decide on the amount of coverage you need.
• Coverage can include a spouse or partner.
• Most policies now include terminal illness benefits so if you are diagnosed with a terminal illness the policy will pay out while you are still alive.
• If interest rates remain above your maximum for a long period of time you should review the level of coverage.
• The insurance is paid to the beneficiaries of the policy or your lender if the policy is assigned.
• Check that the premiums are "guaranteed". This means the premiums are guaranteed to remain the same throughout the term of your policy.
• Include waiver of premium in your plan. This is a valuable extra which, if you become too ill to work for a period of time, will ensure your coverage continues without you having to pay the premiums.
• Try to include critical illness coverage to receive payment if you are diagnosed as having a critical illness.
• Cost will depend on many factors, the most important being your age, sex, lifestyle, if you smoke and your general health.

   Your home is often your biggest investment and asset. If something tragic should happen to you, it could also become your biggest debt. Mortgage lenders usually require you to purchase insurance guaranteeing repayment of the mortgage loan in the event of your death.

   By using a life insurance policy for mortgage protection instead of one offered by the lender, you are not restricted to the exact amount of the mortgage, you own the policy not the lender, and it goes with you to cover your next mortgage.

   Your family will have the funds needed to pay off the balance of your loan plus help cover any other outstanding expenses. Depending on the life plan, you can choose from a variety of options including additional income at retirement.

   Before you sign anything with your lender, talk to us. We have a better way to guarantee your coverage. A way where you'll be in complete control of your funds. We're waiting to share the details.

Our associates are ready to assist.

With Kindest Regards,
Bob Puckett