follow us

Mortgage Protection Insurance

What is Mortgage Protection Insurance?

Mortgage protection insurance is comprehensive insurance protection that can include a range of coverage, such as life insurance, disability insurance, and critical illness insurance, tailored to your needs. Mortgage protection insurance can help cover your mortgage payments or other important expenses and ensure the continuity of your income if an unexpected life event occurs, such as your death, or a severe injury or illness.

Cove Mortgage Protection Insurance - What Are the Benefits

What are the Benefits of Mortgage Protection Insurance?

Compared to traditional mortgage insurance from banks, mortgage protection insurance from Cove provides your family or designated beneficiary the money instead of it going to the bank, which allows your loved ones the ability to choose where the insurance benefit goes toward. Mortgage protection insurance from Cove can also be found at a much more affordable rate compared to mortgage insurance from banks.

How Does Mortgage Protection Insurance Work?

Mortgage protection insurance can offer you coverage for life insurance, disability insurance, and critical illness insurance. A monthly premium would be paid, and the cost will vary based on your plan, mortgage, age, and frequency of your payments. The insurance benefits can help pay off your mortgage balance in the event of your death or pay your mortgage payments if you become critically ill, injured, or disabled.

Cove Mortgage Protection Insurance - How Does it Work

Mortgage Protection Insurance 101

Who needs mortgage protection insurance?

Any new or existing homeowner that has a mortgage – especially new couples. Mortgage protection insurance can ensure your mortgage payments are made and provide you other needed capital in the event of a disability, critical illness, or unexpected death – depending on which insurance protection you purchase. This way, if a spouse was to die, it would leave the other one protected.

How does bank mortgage insurance work?

When you get mortgage insurance through a bank, it is ensuring that if anything were to happen to the homeowner, the bank would be protected, and the mortgage loan is repaid. As you pay off your mortgage, the amount owed to the bank decreases alongside it; however, your premiums remain the same. That means you pay the same amount for decreasing coverage. Mortgage protection insurance from an insurance agency, on the other hand, would be cheaper and protects the homeowner and not the bank itself.

Is mortgage protection insurance the same as life insurance?

A comprehensive mortgage protection insurance can include coverage beyond life insurance, such as also including critical illness insurance and disability insurance. Coverage for mortgage protection insurance can be tailored to a client’s need based on desire and budget.