Just before realizing your dream of securing a mortgage, obtaining mortgage insurance is a mandatory step.

You have completed all the requirements for receiving a mortgage and reached the final stage, yet, as a condition for approving the largest loan of your life, the bank requires you to obtain mortgage insurance.

The purpose of Mortgage Life Insurance is to protect your family in the event of the death of one or more of the borrowers. In such a case, the family will not bear the burden of the remaining loan repayments, and the insurance company shall pay the bank the outstanding mortgage balance, in accordance with the unpaid installments.

The mortgage details, including the loan amount, repayment terms, and repayment period, determine the coverage amount under a Mortgage Insurance Policy. This amount is pledged to the lending bank.

A Mortgage Insurance Policy may also include Homeowners Insurance (for the structure), which offers coverage for physical damage to the property pledged to the bank.

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