What Is Mortgage Protection Insurance?
Mortgage protection insurance is a term life insurance policy that is designed to pay off that debt in the event of your death.
Mortgage protection insurance If the covered primary income earner dies during the mortgage term, a death benefit can be paid to the surviving family members, who can then use the money to pay off the balance of the mortgage. It is often used as income replacement for the primary breadwinner of the household. Some mortgage protection products offer the option of getting all of your money back ( return of premium) if you do not pass away within the term of the policy.
Why is Mortgage Protection Insurance So Important?
Imagine the worst-case scenario. What happens if you don’t come home tomorrow? will your family experience financial hardship? your final expenses are just the tip of the iceberg-the mortgage is due, but your family has no way to pay it without your income. They haven’t even had enough time to grieve, and now they have to deal with the impending tragedy of foreclosure.
Mortgage protection insurance is a practical way of ensuring that your home is paid for no matter the circumstances. Your family will never beat risk of losing its home as long as you put a custom mortgage protection insurance plan in place.
If you’re a homeowner, you can obtain a free mortgage protection insurance quote by filling out the form on this page or by calling us. Our agents will work with you to develop a plan that provides the coverage your family needs at a price you can afford.