The purchase of a home is a huge financial obligation, and it is essential to consider what would happen to your home if you passed away or became disabled and were unable to pay your mortgage. Mortgage Protection can provide assistance to your family to help cover your mortgage under certain circumstances, allowing you to avoid foreclosure if you are unable to pay your mortgage.

Mortgage Protection is a type of insurance policy that provides assistance to your family by making monthly mortgage payments if you, the policyholder and mortgage borrower, die before your mortgage is paid in full. In addition, some MPI policies provide coverage for a limited time if you lose your job or become disabled due to an accident.

The way Mortgage Protection policies operate is to pay a monthly premium, which maintains your coverage and ensures your protection. If you pass away during the term of the policy, your policy provider pays out a death benefit that covers the mortgage amount. The MP policy also provides living benefits that allow you to access all or part of your death benefit, while living, if you experience a qualifying terminal, chronic, or critical illness, or critical injury.

These monies can be used to pay mortgage payments and other personal bills during the illness or injury.

Contact Ocean Bay Tax Strategies today to schedule a consultation with our dedicated team.