Can the proceeds from a Mortgage Protection Insurance policy be used to pay off other debts besides the mortgage?

Apr 28, 2022 ... What does mortgage protection cover? · Protection if you die – leave behind a lump sum if you pass away while you have the policy. · Lump sum ... Find out more in our guide What is life insurance? · Income protection insurance. This covers some of the income you lose if you can't work because you're ill or ... Feb 13, 2025 ... Mortgage protection insurance is a kind of life insurance—in fact, it's sometimes called mortgage life insurance or mortgage protection life ... MPI is life insurance that is designed to protect your family from burdensome mortgage payments if you are no longer able to provide an income. Apr 25, 2024 ... Mortgage protection insurance covers monthly mortgage payments on behalf of family or loved ones after a homeowner's death. Mortgage life insurance only covers the mortgage, while term life insurance covers all of your expenses up to your coverage limit. This can include utilities, ... May 24, 2022 ... Mortgage protection insurance is simply a life insurance policy where the payout is tied to the size of your mortgage. The idea is that if you ... Apr 30, 2024 ... Mortgage protection insurance (also called mortgage life insurance and mortgage protection life insurance) is a policy that pays off the balance ... Learn how BMO Mortgage Protection Insurance protects you and your family if an unexpected event prevents you from making your mortgage payments. Loan protection insurance promises to help with specific loan repayments if you are unable to work due to disability or periods of unemployment.