Top 5 Things to Know About Mortgage Protection Insurance

Mortgage protection insurance provides an insurance death benefit designed to pay off your mortgage if you die prematurely
Coverage can also be designed to pay off your mortgage if you become critically ill or disabled
This type of insurance protection can allow your loved ones to remain in your home after your death without worrying about how to make remaining mortgage payments
Some mortgage protection insurance policies may also include a return-of-premium feature if the policy is not used, meaning you get your money back at the end of the policy term
You get valuable peace of mind knowing your loved ones will not lose their home

What are the advantages of mortgage protection insurance?

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.

Do I qualify for mortgage protection insurance?

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.

Can I afford 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.

When should I buy mortgage protection insurance?

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.

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