Mortgage protection insurance is a type of insurance policy designed to pay off your mortgage or cover your mortgage payments in the event of your death, critical illness, disability, or unemployment. It ensures that your family can stay in their home and avoid financial hardship during difficult times.

Mortgage protection insurance provides a safety net for your family, ensuring that they can remain in their home even if you are no longer able to make mortgage payments due to illness, disability, or death. It offers peace of mind by protecting your most significant investment and preventing the risk of default or foreclosure.

No, mortgage protection insurance specifically focuses on covering your mortgage payments or paying off the mortgage in the event of your death, critical illness, or disability. Life insurance, on the other hand, provides a lump sum payment to your beneficiaries that can be used for any purpose..

Yes, you can still apply for mortgage protection insurance even if you have an existing medical condition. However, the terms and premiums of the policy may vary depending on your health status. It’s essential to discuss your medical history with the insurance provider to find the best policy for your needs.

If you pay off your mortgage early, you may have the option to cancel your mortgage protection insurance policy. Some policies may also offer the flexibility to convert the coverage to another type of insurance or continue the policy for other purposes. It’s best to review the terms of your policy and discuss options with your insurance provider.

Some mortgage protection insurance policies may be transferable if you move to a new home and take out a new mortgage. Check with your insurance provider to see if this option is available and what steps are required to transfer the policy.