{"id":1073,"date":"2023-01-18T13:22:55","date_gmt":"2023-01-18T18:22:55","guid":{"rendered":"https:\/\/blog.mortgageinsurancegroup.ca\/?p=1073"},"modified":"2023-01-18T13:22:55","modified_gmt":"2023-01-18T18:22:55","slug":"do-you-need-mortgage-life-insurance-how-does-it-work","status":"publish","type":"post","link":"https:\/\/mortgageinsurancegroup.ca\/blog\/do-you-need-mortgage-life-insurance-how-does-it-work\/","title":{"rendered":"Do You Need Mortgage Life Insurance? How Does it Work?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1073\" class=\"elementor elementor-1073\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a3e8e51 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a3e8e51\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d45b58\" data-id=\"7d45b58\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72e85e5 elementor-widget elementor-widget-text-editor\" data-id=\"72e85e5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>If you&#8217;re a homeowner, you know that your home is likely the biggest investment you&#8217;ll ever make. It&#8217;s not only a place to live, but it&#8217;s also a source of financial security and stability. That&#8217;s why it&#8217;s so important to protect your home and your loved ones who depend on it. One way to do this is by getting mortgage life insurance.<\/strong><\/p><p><strong>But what is mortgage insurance, and do you really need it?<\/strong><\/p><p><strong>In this blog post, we&#8217;ll explore the ins-and-outs of mortgage life insurance. We&#8217;ll also see how\u00a0works to safeguard your home and loved ones. Finally, we&#8217;ll answer if you need it.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a56667 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"8a56667\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h2&quot;,&quot;h3&quot;,&quot;h4&quot;],&quot;container&quot;:&quot;section.elementor-section.elementor-top-section.elementor-element.elementor-element-7bf65197.elementor-section-boxed.elementor-section-height-default.elementor-section-height-default&quot;,&quot;exclude_headings_by_selector&quot;:&quot;#No-ToC&quot;,&quot;marker_view&quot;:&quot;bullets&quot;,&quot;icon&quot;:{&quot;value&quot;:&quot;fas fa-chevron-right&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h2 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h2>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__8a56667\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__8a56667\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__8a56667\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31e131ce elementor-widget elementor-widget-text-editor\" data-id=\"31e131ce\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: inherit; font-family: inherit; font-size: 2rem; letter-spacing: var( --e-global-typography-5e3a48d-letter-spacing ); word-spacing: var( --e-global-typography-5e3a48d-word-spacing );\">What is Mortgage Insurance?<\/span><\/p><p>Mortgage life insurance, also known as mortgage protection insurance, is a type of term life insurance policy that pays off your mortgage in the event of your death. It&#8217;s designed to help your family keep the roof over their heads and avoid the financial burden of paying off a mortgage on their own.<\/p><p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-1097 size-full\" src=\"https:\/\/blog.mortgageinsurancegroup.ca\/wp-content\/uploads\/sites\/18\/2023\/01\/1.-iStock-1152470826.jpeg\" alt=\"Happy family with mortgage loan insurance from a financial institution.\" width=\"720\" height=\"485\" srcset=\"https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/1.-iStock-1152470826.jpeg 720w, https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/1.-iStock-1152470826-300x202.jpeg 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/p><h2>How Does Mortgage Life Insurance Work?<\/h2><p>When you take out one of these policies, you&#8217;ll need to name a beneficiary. This is usually your spouse or partner. If you pass away while the policy is in effect, the beneficiary will receive a pay out. This can be used to pay off the mortgage in full or to make mortgage payments until the end of the term.<\/p><p>However, not all mortgage protection works the same way.<\/p><p>One of the key differences between our policies and what banks offer, is that our plans aren&#8217;t tied to your remaining mortgage balance. This means that as you make mortgage payments and reduce your balance, your coverage will not decrease.<\/p><p>Simply put, your loved ones receive a lump sum payment, and they can use it as they see fit.<\/p><p>Compare this to the plans banks offer, where your coverage decreases over time. That&#8217;s because these plans are made to protect the banks money \u2014 NOT your family&#8217;s.<\/p><ul><li><strong>LEARN MORE: <a href=\"https:\/\/blog.mortgageinsurancegroup.ca\/renewing-mortgage-what-banks-dont-want-you-to-know\/\" target=\"_blank\" rel=\"noopener\">Renewing Mortgage in 2022? Here\u2019s What Banks Don\u2019t Want You to Know.<\/a><\/strong><\/li><\/ul><p><img decoding=\"async\" class=\"aligncenter wp-image-1099 size-full\" src=\"https:\/\/blog.mortgageinsurancegroup.ca\/wp-content\/uploads\/sites\/18\/2023\/01\/2.-iStock-1397417738.jpeg\" alt=\"When homeowners get coverage from their mortgage lender, the value of the coverage decreases over time.\" width=\"723\" height=\"483\" srcset=\"https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/2.-iStock-1397417738.jpeg 723w, https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/2.-iStock-1397417738-300x200.jpeg 300w\" sizes=\"(max-width: 723px) 100vw, 723px\" \/><\/p><h2>Is Mortgage Life Insurance the Same as Term Life Insurance?<\/h2><p data-pm-slice=\"1 1 []\">Mortgage life insurance is often confused with term life insurance, but there are some key differences between the two. Here&#8217;s a quick breakdown:<\/p><h3>Term Life Insurance<\/h3><p>Term life insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. It pays a death benefit to your beneficiary if you pass away during the term of the policy.<\/p><ul style=\"background-color: #ffffff;\"><li><span style=\"font-size: 16px; word-spacing: 1.6px; font-weight: bolder;\">LEARN MORE:\u00a0<\/span><span style=\"color: #2677c6;\"><b><a href=\"https:\/\/blog.mortgageinsurancegroup.ca\/mortgage-stress-test-in-2022-what-canadians-need-to-know-before-getting-a-mortgage\/\">Mortgage Stress Test in 2022: What Canadians Need to Know Before Buying a Home<\/a><\/b><\/span><\/li><\/ul><h3 style=\"font-family: Arial, 'Yanone Kaffeesatz'; color: #000000; word-spacing: 1.6px;\">Mortgage Life Insurance<\/h3><p>This is type of term life insurance that pays off your mortgage in the event of your death. It&#8217;s designed to help your family keep the roof over their heads and avoid the financial devastation that could come without your family&#8217;s breadwinner.<\/p><p>When you get your coverage through your mortgage lender, your loved ones will not have a choice as to how you spend their benefit. In these cases, it must go to pay off the remaining balance.<\/p><p>However, when you get your coverage through Mortgage Insurance Group, your beneficiaries can use your death benefit however they want. That could mean paying off the remainder of your mortgage. That could also mean taking a well deserved vacation to grieve.<\/p><ul><li><strong>LEARN MORE: <a href=\"https:\/\/blog.mortgageinsurancegroup.ca\/why-mortgage-life-insurance-is-the-best-way-to-protect-your-home\/\" target=\"_blank\" rel=\"noopener\">Why Mortgage Life Insurance is the Best Way to Protect your Home<\/a><\/strong><\/li><\/ul><h3>The Difference in a Nutshell<\/h3><p>In short, while both types of insurance provide financial protection for your loved ones, typically they&#8217;re used differently. Term life insurance is a more general type of insurance that can be used to cover a variety of expenses. These can be things like funeral costs, living expenses, and debts.<\/p><p>Meanwhile, mortgage life insurance is specifically designed to pay off your mortgage in the event of your death. However, with a policy from Mortgage Insurance Group, your loved ones are free to spend the money however they see fit.<\/p><p><img decoding=\"async\" class=\"aligncenter wp-image-1101 size-full\" src=\"https:\/\/blog.mortgageinsurancegroup.ca\/wp-content\/uploads\/sites\/18\/2023\/01\/3.-iStock-691524138.jpeg\" alt=\"A solid financial plan should include protection for your mortgage. You pay premiums with your regular payments.\" width=\"724\" height=\"483\" srcset=\"https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/3.-iStock-691524138.jpeg 724w, https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/3.-iStock-691524138-300x200.jpeg 300w\" sizes=\"(max-width: 724px) 100vw, 724px\" \/><\/p><h2>Do You Need Mortgage Life Insurance?<\/h2><p>Now that you understand what this type of policy is and how it works, the question is \u2013 do you need it? Here are a few things to consider:<\/p><h3>Do You Have a Mortgage?<\/h3><p>If you don&#8217;t have a mortgage, you don&#8217;t need one of these policies and may be better off with simple term-based coverage. A term life insurance policy still protects your loved ones in the event of your death.<\/p><h3>Do You Have a Spouse or Partner Who Depends on Your Income?<\/h3><p>If your spouse or partner relies on your income to make mortgage payments or pay for other living expenses, one of these policies can help provide financial stability in the event of your death.<\/p><ul><li><strong>LEARN MORE: <a href=\"https:\/\/blog.mortgageinsurancegroup.ca\/will-interest-rates-go-up-forever\/\" target=\"_blank\" rel=\"noopener\">Will Interest Rates Go Up Forever? Here\u2019s How to Protect Your Home from Uncertainty in Canada.<\/a><\/strong><\/li><\/ul><h3>Are Your Children Still In School?<\/h3><div>If the youngins are still in school, then mortgage protection is highly recommended. The last thing any parent wants is for them to lose the stability of a house while they&#8217;re getting an education.<\/div><div><h3>Do You or Your Spouse Work in Dangerous Jobs?<\/h3><div>If there is even the slightest risk you or your spouse might get hurt at work, then protecting your mortgage is essential. You can&#8217;t always protect your loved ones from harm, but with insurance, you can at least regain certainty for your future.<\/div><\/div><p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1103\" src=\"https:\/\/blog.mortgageinsurancegroup.ca\/wp-content\/uploads\/sites\/18\/2023\/01\/4.-iStock-1265643810.jpeg\" alt=\"Insurance protects your home and loved ones from losing your house. With Mortgage Insurance group, you control your pay out.\" width=\"724\" height=\"483\" srcset=\"https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/4.-iStock-1265643810.jpeg 724w, https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/4.-iStock-1265643810-300x200.jpeg 300w\" sizes=\"(max-width: 724px) 100vw, 724px\" \/><\/p><h2>Conclusion<\/h2><p>In conclusion, mortgage life insurance is a type of term life insurance that pays off your mortgage in the event of your death. It&#8217;s designed to help your family keep the roof over their heads and avoid the financial burden of paying off a mortgage on their own.<\/p><p>This this type of policy can be a valuable tool for homeowners who have a spouse or partner who depends on their income and a mortgage to pay off.<\/p><p>If you&#8217;re considering mortgage life insurance, it&#8217;s important to shop around. Compare policies from different insurance companies to find the best coverage and premiums for your needs.<\/p><p>Mortgage Insurance Group is a reliable company that offers very competitively priced policies that help protect your home and loved ones. Better yet, with us, your loved ones have complete control as to how they spend their benefit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45b036c elementor-widget elementor-widget-text-editor\" data-id=\"45b036c\" data-element_type=\"widget\" id=\"No-ToC\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><br><\/p>\n<hr>\n<h2>Don&#8217;t Wait Until It&#8217;s Too Late! Protect your Home Today.<\/h2>\n<p>You can protect your home and loved ones with mortgage life insurance in minutes. Get started now by getting a free quote from the Mortgage Insurance Group. Our team of insurance experts will help you find the best policy to fit your needs and budget.<\/p>\n<p><strong>Get the peace of mind you deserve today. Click the &#8220;Get Started Now&#8221; button to get your free quote.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-196ca58 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"196ca58\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg elementor-animation-grow\" href=\"https:\/\/mortgageinsurancegroup.ca\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">GET STARTED NOW<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re a homeowner, you know that your home is likely the biggest investment you&#8217;ll ever make. It&#8217;s not only a place to live, but it&#8217;s also a source of financial security and stability. That&#8217;s why it&#8217;s so important to protect your home and your loved ones who depend on it. One way to do [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","wp_social_preview_title":"","wp_social_preview_description":"","wp_social_preview_image":0,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-life-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do You Need Mortgage Life Insurance? How Does it Work?<\/title>\n<meta name=\"description\" content=\"What is mortgage insurance, and do you really need it? We explore mortgage life insurance and how it can safeguard your home and loved ones.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mortgageinsurancegroup.ca\/blog\/do-you-need-mortgage-life-insurance-how-does-it-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do You Need Mortgage Life Insurance? How Does it Work?\" \/>\n<meta property=\"og:description\" content=\"What is mortgage insurance, and do you really need it? We explore mortgage life insurance and how it can safeguard your home and loved ones.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mortgageinsurancegroup.ca\/blog\/do-you-need-mortgage-life-insurance-how-does-it-work\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog - Mortgage Insurance Group\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-18T18:22:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mortgageinsurancegroup.ca\/blog\/wp-content\/uploads\/sites\/18\/2023\/01\/0.-iStock-1270066435.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2121\" \/>\n\t<meta property=\"og:image:height\" content=\"1414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"mircea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mircea\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mortgageinsurancegroup.ca\/blog\/do-you-need-mortgage-life-insurance-how-does-it-work\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/mortgageinsurancegroup.ca\/blog\/do-you-need-mortgage-life-insurance-how-does-it-work\/\"},\"author\":{\"name\":\"mircea\",\"@id\":\"https:\/\/mortgageinsurancegroup.ca\/blog\/#\/schema\/person\/f1fd21b1739de282daa696097b23d3de\"},\"headline\":\"Do You Need Mortgage Life Insurance? 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