Your mortgage lender has a right to a portion of your home, until you pay it off completely. A mortgage discharge is the act of transferring that full ownership to your name.

If your term life insurance policy covers your $150,000 mortgage, when you claim it, you might want to pay off your mortgage, but you’ll incur additional costs that include a mortgage discharge fee.

When you cover your mortgage with Mortgage Protection Plan insurance, we will not only pay off your mortgage when you make a claim, but we’ll cover up to 5% of your total mortgage in mortgage discharge fees too.