Mortgage Insurance

Mortgage Life Insurance

Mortgage Life Insurance is specifically designed 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 purchase this insurance is to protect what is usually their largest asset - their home. Premiums are based on age, whether or not the member is a smoker or non-smoker, and are withdrawn from the member’s account mid-month.

 

Mortgage Disability Insurance

Mortgage Disability Insurance is specifically designed to help pay the total or partial monthly mortgage payments in the event the borrower becomes disabled due to sickness, accident or injury and is unable to work. While it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers purchase this insurance is to protect their credit rating and not place additional strain on the household budget in the event of disability.

 

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