Mortgage Life Insurance Facts (Part 1 of 2)

Mortgage Life Insurance Facts (Part 1 of 2)

Protecting a mortgage and ensuring that your home is secured from creditors is one of the biggest reasons to purchase life insurance and health insurance. We would like to ensure that the mortgage is paid off in the event of death or mortgage expenses are taken care of during the time we are battling against a health problem or a serious illness.
Debts are protected by either:

  1. Taking insurance from a bank or a money-lending institution or
  2. By actually buying life insurance and living benefit plan keeping into account your debt or mortgage payments.

A Life Insurance Plan can either be in the form of term insurance or permanent insurance or can actually be a combination of term and permanent insurance. In a lot of cases, a living benefit plan like a critical illness insurance and a disability insurance can also be attached to protect debts and mortgage related expenses in case of a health condition.

An insurance broker can customize a plan offering all the options that could be made available as an appropriate solution.

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Term Life Insurance

is an extremely cost effective way to insurance yourself when your temporary ( or time bound) needs for insurance are high. During the years when we are raising our kids, have big loans to pay and also building our assets, term insurance could be a great fit.The cost of insurance ( or the premiums) are constant for the duration of the term. Policies are renewable and convertible.


Permanent Life Insurance

is essentially a coverage that is lifelong. It runs through our life assuring a payout upon death. The cost of insurance can be level or YRT and the payout is tax free. Its main purpose is :


Universal Life Insurance one of the best things that could happen in the world of Life Insurance. UL policy is when a permanent life insurance is merged with the possibility to have several investment options.

Your policy provides a lifelong coverage and at the same time you can save money within the policy to create tax-sheltered savings…

UL Policy ….an excellent way to build wealth that could actually become tax-free for your family. There are several options that could be customised for an individual.


Combining your term and permanent insurance: both are important.

People often wonder what is better, Term or Permanent Insurance. Both have their advantages and disadvantages. However, both have a significant role in our world of protecting our family, assets, incomes, family etc etc. Therefore, it could be a good idea to take a combination of Term and Permanent Insurance. It can be bought together in one policy , thus there could be some savings on policy fees and in premiums. It is a Think Smart approach to buying Life Insurance. ( Read More and watch a video)


Prepared by:  Aman Kapur


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