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  • Writer's pictureRetirement and Annuity Advisor Jennifer Lang

How To Protect Your House Payments With Term Life 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

  • Provides a death benefit to pay off your mortgage in the event of your death

  • Pays your mortgage payments if you become disabled

  • Protects your mortgage payments in the event of critical illness

  • Provides benefits from a life insurance policy with generally affordable premiums

  • Achieves peace of mind for your home and family

How Mortgage Protection Works

Mortgage protection insurance functions much like other life insurance policies: You pay premiums to the insurance company to purchase a specific amount of mortgage protection coverage. Those premiums are based on your attained age and your health, as well as the value of your home and the payoff amount. If you die while the policy is in force, the insurance company provides funds to pay off your mortgage based on the face amount of your life policy.

When should I buy mortgage protection insurance?

If you have a mortgage on your home, or if you are in the process of obtaining a mortgage, you should consider buying mortgage protection insurance.

#mortgage #refinance #lifeinsurance

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