Mortgage Insurance

Your home is likely your most valuable asset, and with the responsibility of a mortgage, comes the desire to protect the interests of your home ownership – to ensure that your mortgage payments are made even if you become disabled or in the event of your death.  For more information, speak to one of our Mortgage Loan Advisors or call 860.693.3329.

Simsbury Bank offers three different Mortgage Insurance programs through our relationship with Minnesota Life Insurance Company.

Mortgage Life Insurance

Mortgage life insurance pays off or reduces your mortgage balance if you die*.  The benefits get paid directly to Simsbury Bank to payoff or reduce your mortgage debt to you’re your family keep their home.

Supplement your existing life coverage:

  • Monthly premium based on your age and loan balance at time of application
  • The insurance amount automatically adjusts to match your loan balance as it decreases
  • Premiums are conveniently added to your monthly mortgage payment

*This plan does not cover suicide during the first two years of coverage

Secure 12 Mortgage Payment Protection

Secure 12 Mortgage Payment Protection insurance pays 12 monthly mortgage payments up to a maximum of $4,00 per month in the event of death or terminal illness*.  This insurance can relieve a major expense during a time of stress and uncertainty.

  • Coverage of your monthly payment begins as of the date of death or terminal illness
  • Maximum monthly benefit is $4,000
  • Premiums are conveniently added to your monthly mortgage payment

*A terminal illness is an illness, certified by a physician, caused by sickness or accident which directly results in a life expectancy of 12 months or less.

Mortgage Disability Insurance

Mortgage disability insurance pays your monthly mortgage payment if the event of total disability.

  • Pays or reduces monthly mortgage payment if an insured becomes disabled according to the terms of the policy
  • Insured may collect benefits more than once as long as he returns to work for at least six months before becoming disabled again.
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