Learn About Mortgage Life Insurance
Mortgage professionals can protect their clients' families and their homes through a mortgage life insurance policy.
Who Does It Protect?
Your home may be your family's largest asset. And their largest financial responsibility. Mortgage life insurance is simply a life insurance policy on the homeowner. This will allow their family or dependents to pay off the mortgage on their home should something tragic happen to them. This is not to be confused with mortgage default insurance. Mortgage default insurance is when you have less than 20% down payment on your purchase. It is meant to protect the family of a homeowner and not the mortgage lender itself.
How Much Does It Cost?
While it is nice to think that if you were to pass away your mortgage would be paid off, is it really necessary for you to pay for this service? If you already have an adequate amount of life insurance then the answer might be no.
If you are the primary breadwinner in your home and your death would leave your family without the means to pay for the mortgage. Then mortgage life insurance might be a good option.
How to Apply
When looking at policies, it's important to know if the policy that you choose is portable. Also, if it's backed by a large organization. A mortgage professional will take you through the ins-and-outs of the policies. By evaluating what you really need, and the differences in coverage and costs, you can make the best decisions for you and your loved ones.
You can fill in this application and we will contact you shortly after to provide a detailed quote.