Protecting Your Home Equity
What is Mortgage Protection Life Insurance?
Mortgage protection insurance is a type of term life insurance that is designed to pay off your home mortgage or cover the payments for a critical period of time, in the event of your death. It functions like a standard term life policy: you'll purchase a policy for a set period of time, make monthly payments, and if you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. You're basically buying your family time (and money) which ensures your family could stay in their home if you were no longer able to contribute to mortgage payments or sell it at full equity.
Advantages of Mortgage Protection
- Provides a death benefit to pay off your mortgage in the event of your death
- Pays your mortgage payments if you become disabled
- Protects your mortgage payments in the event of critical illness
- Provides benefits from a life insurance policy with generally affordable premiums
- Achieves peace of mind for your home and family
Question: Do I Qualify for Mortgage Protection Insurance?
Answer: In most cases, yes! Mortgage protection insurance has a very high acceptance rate as most plans are offered with simplified underwriting (you won’t have to take a medical exam to qualify).
Question: When Should I Buy Mortgage Protection Insurance?
Answer: If you have a mortgage on your home, or if you are in the process of obtaining a mortgage, you should consider buying mortgage protection insurance.
Question: Can I Afford Mortgage Protection Insurance?
Answer: Mortgage protection is one of the most inexpensive types of insurance, and it’s often a more affordable option than purchasing a separate whole life policy to pay off your mortgage in the event of your death.
