What is a mortgage protection policy?
It is a term insurance policy with the sum assured decreasing over the term to match the outstanding housing loan.
If death or permanent disability occurs during the term, the sum insured will usually be sufficient to pay off the outstanding loan. The actual payout is a sum that is stated in the policy.
There may be a small difference with the outstanding loan at the time of claim, e.g. due to change in interest rate or repayment. Any shortfall can be met by other source. Any excess can be retained kept by the claimant.
The premium for this policy can be a single premium or payable over the term, but excluding the last few years.
Some policies are extended to cover critical illness, but the cost is much higher.
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