Mortgage Insurance
Mortgage Life Insurance
Mortgage Life Insurance is used to help pay off or reduce the mortgage balance in the event of the borrower's death. Although it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers buy this insurance is to protect what is usually their most significant asset - their home. Age and whether or not the member is a smoker or non-smoker are two factors used to calculate premiums. They are automatically withdrawn from the member's account mid-month.
Mortgage Disability Insurance
Mortgage Disability Insurance will help pay the total or partial monthly mortgage payments in the event the borrower is unable to work due to sickness, accident or injury. While it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers buy this insurance is to protect their credit rating and not place additional strain on the household budget in the event of disability.
