The primary reason for purchasing mortgage protection, and the primary benefit, is to provide available cash to pay off your mortgage in full in the event you die with an outstanding mortgage balance, or become disabled or ill and are unable to continue working and making your mortgage payments. This can help ensure your family can stay in your home.
Mortgage protection is also easy to purchase, because there is generally no physical exam required. Best of all, premiums are competitive and affordable.
Even if you have separate individual life insurance coverage, or are covered under your employer’s policy, purchasing mortgage insurance often makes sense because it provides death benefits designed specifically to pay off your home mortgage.
Most mortgage protection insurance plans are offered with simplified underwriting, meaning that you don’t have to satisfy medical examinations in order to purchase this important coverage.
Insurance carriers offering mortgage protection coverage have very high acceptance rates. So, even if you have pre-existing conditions that might make it hard to purchase other types of life or disability insurance coverage, you may still qualify for mortgage protection insurance.
Yes! Mortgage protection is affordable. Because there are a number of companies offering this type of coverage, pricing is competitive.
And, because the insurance protection is designed for a fixed time period (term) and the coverage amount declines over time as your outstanding mortgage balance goes down, 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.
None of us knows when we might become critically ill, become disabled or die unexpectedly, so there’s no sense in waiting to purchase mortgage protection insurance.
If you have a mortgage on your home, or if you are in the process of obtaining a mortgage, talk to an insurance professional to learn more about how affordable mortgage protection can be.