Are mortgage payment protection and mortgage life insurance the same type of insurance coverage?
No, these two types of insurance policies do not provide the same coverage.
Mortgage payment protection insurance pays your monthly mortgage payment in the event that you become disabled due to sickness or accident, or if you become unemployed.
However, mortgage life insurance fully pays up the outstanding balance on your home mortgage loan upon your death.
You'll want to match the duration of your mortgage life insurance policy to the duration of your home mortgage loan to be sure you are covered for the entire length of your mortgage loan.
No, these two types of insurance policies do not provide the same coverage.
Mortgage payment protection insurance pays your monthly mortgage payment in the event that you become disabled due to sickness or accident, or if you become unemployed.
However, mortgage life insurance fully pays up the outstanding balance on your home mortgage loan upon your death.
You'll want to match the duration of your mortgage life insurance policy to the duration of your home mortgage loan to be sure you are covered for the entire length of your mortgage loan.
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