Major Advantages
 

• Mortgage insurance guarantees the insured person and his or her loved ones that a loan will not become a burden in the event of death or disability.
  
  
• Mortgage insurance is a perfect add-on to disability insurance. In fact, disability insurance often only covers two-thirds of the insured person's regular pay, while the mortgage payments-a major expense-remain the same.
   

Main Features
 

• Mortgage insurance covers mortgage payments, in full or in part, in the event of death or disability of the insured person. It is therefore insurance that diminishes over time as your mortgage balance drops.
  
  
• In the event of death, the total benefit paid out by the insurer is equal to the insured portion of the mortgage balance.
  
  
• In the event of disability, the insurer covers the insured portion of the monthly mortgage payments, not exceeding a predetermined limit.
  
  
• The norm in the industry is that the insurer and the financial institution that issues the loan are not related in any way; this means that the benefit is paid out in the name of the insured person and can then be used to pay off the mortgage. At Desjardins Financial Security, this type of policy is sold individually or in combination with other types of life and health insurance.
  
  
• Desjardins Financial Security also offers mortgage insurance that links the insurer and lending institution, meaning that the benefits are paid out directly to the lender, on behalf of the insured person. This insurance is sold with the mortgage.
   

To find out more about this product, contact your caisse.