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Mortgage Protection insurance
An insurance that covers the remaining mortgage payments in the event of death or, sometimes, disability.
What is Mortgage Protection?
This is an optional mortgage insurance that can pay off your outstanding balance or help cover your payments during times of financial hardship as a result of certain unexpected life events like sickness or death.
A mortgage can be one of the longest financial commitments an individual will make in their lifetime. When you sign on the dotted line, it can be hard to predict what your life will look like in 15-30 years. That’s why it can be reassuring to know that your mortgage will be taken care of no matter what happens.
Mortgage Security Premiums and Discounts
Your monthly premium is based on your age and the amount of your Mortgage at the time of your application. The younger you are, the less you pay.
If your mortgage exceeds $350,000, you will receive a discount
on the life and/or critical illness premiums on the amount over
$350,000.
You may also be eligible for an additional discount of up to 20%
on your premiums if you and/or another borrower on the mortgage
account are insured for two or more insurance coverages on the
same mortgage account.
To learn more about how your premiums are calculated, watch this video , or check out our frequently asked questions to see our detailed premium rate tables.
Bristol Mortgage Protection offers you four coverage types:
Critical Illness Coverage
This coverage can pay the outstanding balance on your Bristol Mortgage account, up to $500,000 for all insured mortgages combined, if you are diagnosed with a covered critical illness.
Life Coverage
This coverage can help pay the outstanding balance on your Bristol Mortgage account, up to $1,000,000 for all insured mortgages combined, if you pass away.
Disability Coverage
This coverage can cover your Bristol Mortgage account payments if you become disabled and unable to work, up to $3,500 per month, for a maximum of 24 months per disability, per mortgage. (after a 60 day waiting period from the date you become disabled).
Job Loss Coverage
This coverage can cover your Bristol Mortgage account payments if your employment is involuntarily terminated by your employer (not for cause) or you are permanently laid off, up to $3,500 per month, for a maximum of 6 months per job loss, per mortgage. (after a 60 day waiting period from the date of your job loss).
Start saving for your mortgage, tax-free
A First Home Savings Account is a new type of registered plan that is designed to help you save for your first home, tax-free. Qualifying contributions are tax deductible and withdrawals to purchase a qualifying home are non-taxable.
Why choose Bristol Mortgage Protection Insurance?
This insurance will protect your mortgage and ensure you and your family can stay in your home if you are unable to work due to a disability, involuntary job loss, critical illness, or in the event of your death.
Get on-the-spot approval with coverage beginning immediately if you can answer “No” to all of the health questions on the application and your Bristol Credit mortgage is approved.
Don’t worry about making separate payments for your insurance premiums. They’re added to your Bristol Credit mortgage payment and are automatically adjusted if you change the frequency of your Bristol Credit mortgage payment.
Secure the future, today.‡
When you invest in the right insurance coverage, you help protect and ensure the lifestyle you and your family enjoy today is one you can continue to enjoy in the future even during times of financial hardship as a result of certain unexpected life events like sickness or death.
More valuable benefits
Prior Coverage Recognition
If you’re declined for insurance coverage on your new Bristol Credit bank mortgage, but you had insurance coverage on Bristol Credit bank mortgage you paid out, you may be eligible to have a portion of your new Bristol Credit bank mortgage insured under Prior Coverage Recognition.
Complete Protection
Creditor Insurance for Bristol Credit bank Mortgages, underwritten by The European Life Assurance Company (European Life), can help pay off or reduce your mortgage in the event of death or critical illness, or cover your payments in the event of a disability or involuntary job loss.
Who can apply for Bristol Mortgage Protection?
You’re eligible for Bristol Mortgage Protection if you are:
- A resident of the United States of America
- Aged 18 to 64
- A borrower, a co-borrower or a guarantor who has agreed to the terms and conditions on a Bristol Credit Mortgage account that is in good standing
30-day right to examine your coverage period
If you decide our mortgage insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid.
Complaints
Related Services
Business Loan Protection insurance
The purpose of a business loan insurance policy is to help the company recover from financial disruption as a result of the untimely loss of a working owner or any employee who makes a substantial contribution to the business.
Loan Protection insurance
This optional insurance helps pay off or maintain your loan payments in the event of illness, injury or death. . Get coverage that can protect you and your family financially.
Credit Card Protection insurance
This optional insurance coverage can offer you and your family the financial protection you need by paying off your outstanding account balance or help cover your monthly credit card payments as a result of certain unexpected events.
