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Mortgage protection is a financial plan or insurance policy designed to ensure your mortgage payments are covered in case of unexpected events like disability, job loss, or death. It provides peace of mind by safeguarding your home and family.
While life insurance provides a lump sum to your beneficiaries for any purpose, mortgage protection specifically focuses on covering your home loan payments, ensuring your family can stay in their home.
Anyone with a mortgage who wants to ensure their family can continue making payments in case of income loss, illness, or other unforeseen events should consider mortgage protection strategies.
Yes, mortgage protection plans can often be tailored to your specific needs, such as the loan amount, coverage period, and additional benefits like critical illness or disability coverage.
If your mortgage is paid off early, many policies allow you to transfer the remaining benefits to other financial needs or cancel the plan altogether. Check with your provider for specific terms.
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