What it is
Mortgage protection planning uses life insurance to help a household address mortgage payments or the outstanding balance after the death of an insured family member.
Potential uses
- Helping family members remain in their home
- Covering some or all of a mortgage obligation
- Supporting broader income-protection planning
Things to consider
- Coverage should reflect the mortgage and wider household budget
- Beneficiaries decide how life insurance proceeds are used
- Existing employer or personal coverage should be reviewed