Insurance to cover a Loan
In case of illness, disability or death, it is possible that you would no longer be able to make payments on your mortgage or on another debt. It is important to protect yourself from this possibility with a policy coverage that would cover your payments or the outstanding balance on the loan.
One way to protect yourself is to create an insurance portfolio or make adjustments to the one you already have by adding insurance coverage that limits your risk in case of illness, disability or death
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The money of the insurance is paid directly to the beneficiary in case of death, who may use it to pay off the loan, to pay estate taxes, to make an investment, etc.
Premiums are guaranteed and remain the same for the duration of the selected term.
While the amount of the insurance coverage is determined by the loan, it does not decrease as the loan is reimbursed.
The insurance coverage does not stop when the mortgage is paid off: you keep it as long as you need it and you do not have to worry about the cost or your future insurability.
You could convert the term insurance into permanent insurance.
You can add critical illness and disability insurance for more comprehensive coverage.