Mortgage Protection Insurance
Affordable insurance that provides financial security for your home and family should tragedy strike.
What is Mortgage Protection Insurance?
As a homeowner, you want to protect your home with affordable, comprehensive coverage.
Mortgage protection insurance is a type of term life insurance that is designed to pay off your mortgage in the event of your death. It functions like a standard term life policy: You purchase a policy for a set period, make monthly payments, and if you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. This coverage ensures that your family could stay in their home if you were no longer able to contribute to mortgage payments.
Mortgage protection insurance is right for you if you want to:
- Protect your most valuable asset
- Ensure your loved ones never have to deal with the fear of losing their home
- Provide financial security if the unthinkable happens
Why Do I Need Mortgage Protection Insurance?
As a homeowner, being able to pay your mortgage on time every month is important. What would happen to your loved ones if you were to die prematurely, become disabled or critically ill, and your income suddenly disappeared? None of us know what the future will bring, but you can achieve peace of mind today with mortgage protection insurance.
Advantages of Mortgage Protection Insurance
- Offers a death benefit that, in the event of your passing, will pay off your mortgage.
- Safeguards your mortgage payments in case of a serious sickness.
Offers the advantages of a life insurance policy at a price that is usually reasonable.
Covers your mortgage in the event that you are incapacitated.
- Brings your family and household peace of mind
Similar to other life insurance policies, mortgage protection insurance works as follows: A quantity of mortgage protection coverage can be purchased by paying premiums to the insurance company. These premiums are determined by the value of your property and the payment amount, in addition to your age and health attained. If you pass away while the policy is active, the insurance provider will pay your mortgage.
Frequently Asked Questions
1. What is the difference between mortgage protection insurance and homeowners insurance?
Mortgage Protection Insurance:
- Pays your premiums in the event that you lose your job.
- Your family receives money.
- covers your mortgage in the event of an illness or injury.
- Your family receives money that is free from taxes.
- Is a new home portable? It journeys alongside you.
Available in most states. Limitations may apply. Benefits and carriers will vary for coverages and are subject to underwriting approval, product limitations and availability.
Homeowners Insurance Covers:
- Home damage caused by extreme weather and water conditions.
- Your possessions being stolen.
- Theft of your home and possessions.
- Your house is damaged by fire.
- personal injury claims in the event that someone is injured on your land.
2. Do I qualify for mortgage protection insurance?
Generally speaking, yeah! Because most plans are offered with simplified underwriting (you won’t need to take a medical test to qualify), mortgage protection insurance has a very high approval rate.
3. When should I buy mortgage protection insurance?
Whether your house is mortgaged or you are applying for a mortgage, you ought to think about getting mortgage protection insurance.
4. Can I afford mortgage protection insurance?
Buying mortgage protection, which is among the most affordable insurance policies, is frequently a more cost-effective choice than getting a separate whole life policy to cover your mortgage in the case of your death.
Get a Mortgage Protection Quote Today
Protect your home, your loved ones, and your legacy.
We’ll show you.