Mortgage protection insurance

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What is mortgage protection insurance?

If you’re buying a home, there’s a lot to think about. As you begin making choices from finding the best mortgage rates to choosing your color scheme, it’s good to know you also have choices when it comes to protecting your mortgage and your family’s finances from the unexpected.

While you know you’ll need insurance, it’s important to understand the different types of coverage and the different kinds of policies.

Homeowner’s insurance is not the same as mortgage insurance

  • Homeowner’s insurance, also known as property or home insurance, helps protect your home from physical threats like fire, water damage, accidents, and loss of property from theft. It’s required when you have a mortgage.
  • Mortgage protection insurance helps cover your mortgage payments if you become seriously ill or die unexpectedly. It’s a smart way to secure your future.

Types of mortgage protection insurance:

Choosing both term life insurance and critical illness insurance together gives you and your family the right protection when you need it most.

If you become seriously ill, you’ll receive a lump-sum payment to spend as you choose, on things like medical expenses and mortgage payments so you can focus on recovery.

Gives you affordable, flexible protection that your loved ones could use to pay off your mortgage or cover other expenses if you die unexpectedly.

The difference between mortgage insurance policies

Most mortgage lenders will give you the option to apply for mortgage insurance directly through them. But before you finalize your mortgage, think about how different their policies are from ours.

Mortgage insurance through a mortgage lender
Only the individual(s) listed on the mortgage

Term life insurance and critical illness insurance from CJ Financial Solution
You, your partner and your children – you can protect your whole family, even those who are not responsible for paying your mortgage

Mortgage insurance through a mortgage lender
Only the balance of your mortgage

Term life insurance and critical illness insurance from CJ Financial Solution
Whatever you need it to cover. In addition to your mortgage, it can cover debts like your line of credit, credit cards, etc.

Mortgage insurance through a mortgage lender
The mortgage lender is automatically the beneficiary

Term life insurance and critical illness insurance from CJ Financial Solution
You decide who gets the insurance benefit and how it's used – to pay your mortgage, medical expenses or your child's education – whatever is best for you and your family

Mortgage insurance through a mortgage lender
The coverage amount decreases as the mortgage balance decreases. When the mortgage is paid off, the coverage ends

Term life insurance and critical illness insurance from CJ Financial Solution
The amount of coverage you have stays the same for as long as you own your policy – unless you decide to change it

Mortgage insurance through a mortgage lender
You may lose the coverage and might need to reapply

Term life insurance and critical illness insurance from CJ Financial Solution
Your coverage stays the same – unless you decide to change it. Since your coverage is not tied to your mortgage, you can carry it with you if you move again

Mortgage insurance through a mortgage lender
You lose all the money you paid for the coverage

Term life insurance and critical illness insurance from CJ Financial Solution
Depending on the terms of your insurance policy, you may get some of the money back that you've paid in premiums*

*Depends on the type of critical illness insurance you have and does not apply to term life insurance.

Mortgage insurance through a mortgage lender
You can't

Term life insurance and critical illness insurance from CJ Financial Solution
You may have the flexibility to adjust the type and amount of your insurance, or even convert to a permanent solution

Get mortgage protection insurance

Step 1: Find an advisor

Choosing the right mortgage protection is easy with help from an advisor. Talk to your advisor or find an advisor to help answer your questions. There is no cost to talk to an advisor.