For most homeowners, the mortgage is the single largest source of personal debt. 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 is life insurance which protects a homeowner and family for a limited period of time, usually the length of the mortgage term. 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 funds to pay off the balance of the mortgage.
Mortgage protection insurance is generally used to replace your income so that your family doesn’t have to struggle to pay the mortgage or other bills when you’re gone. You also have the option of getting all of your money back ( return of premium) if you do not pass away within the term of the policy.
Imagine the worst-case scenario. A fatal accident today would force your loved ones to immediately experience financial hardship. On top of your final expenses, 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.
Like most life insurance, mortgage protection insurance eases the financial burden for your loved ones when you’re gone. It is an affordable way of ensuring that your home is paid for no matter the circumstances. Your family will never be in jeopardy 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 our toll-free number. Our team of highly skilled mortgage protection specialists will work with you to develop a plan that provides the coverage your family needs at a price you can afford.