Is there any life insurance I can buy to protect my income?

Yes, there are life insurance policies to help replace your income for your family should you die.

Term life is the most affordable option, offering coverage for a period of up to 30 years.

The proceeds from the life insurance policy go to your beneficiaries and can be used for any purpose; such as, to pay for living expenses, pay off debt, and maintain your family's lifestyle.

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What is mortgage protection death insurance?

It's a type of life insurance policy that pays out a death benefit upon the death of the insured person who holds a mortgage on his/her own home.

The death benefits paid out on the mortgage insurance are used to pay off the outstanding balance on the home loan if the insured person dies.

There are different types of insurance available to protect your mortgage loan.

Learn more about mortgage protection death insurance plans.

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What should I consider when buying a mortgage insurance plan for my home?

If you're purchasing mortgage insurance you'll want to consider the following:

1. How much mortgage coverage do you need?
2. How much will mortgage protection cost?
3. How long will your mortgage life insurance last?
4. Will the amount of insurance provided by your policy remain level throughout the life of the plan?
5. Will your premiums ever increase during the life of your insurance policy?
   

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No, mortgage insurance is not optional

If you have a home mortgage loan which is greater than 80% of the value of your home and the lender requires mortgage insurance, then it is not optional, it is required.

If the amount of your home mortgage loan you take out is less than 80% of the value of your home, then mortgage insurance is not required.

However, even if you are not required to have mortgage insurance you may want to take out mortgage life insurance to protect your home ...

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Life insurance is a form of financial security for the ones you love, those who depend on your for financial support.

Life insurance proceeds are left to the people you choose as beneficiaries of your life insurance policy, and those funds can be used for any purpose they choose to use the money.

So, for instance, the death benefit from your life insurance could go to your spouse to be used for living expenses, to pay for your child's college education, to provide money for your spouse's retire...
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