When you think about retirement, chances are you have a vision of what you want it to look like. Maybe it’s traveling the world or pursuing a hobby. Addressing retirement concerns While you’re dreaming about these reasons to look forward to retirement, it’s also common for some concerns to creep into your vision. From…
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Mortgage Protection Insurance Helps Cover Your Family’s Home
Your home may be one of the biggest investments you’ll ever make, and your family probably depends on your income to help make the mortgage payments. So in the event of your death, your loved ones might struggle to keep the home. You can help prevent that from happening. Take an important step now to help protect your home and family with a Mortgage Protection Insurance policy from Priority Life!
“For most American families, the mortgage represents the largest source of personal debt, a debt that can easily default in the event of the primary breadwinner’s death.”
WHAT IS 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? Would they be able to pay off the mortgage without difficulty and stay in their home? If your answer to that question is “No” or “I’m not sure”, you owe it to yourself and to your family to consider purchasing mortgage protection insurance.
While there are many different types of insurance policies and it can sometimes be difficult to understand what they are and what they do, mortgage protection insurance is just what it sounds like: life insurance designed to pay off your mortgage in the event of your death. Mortgage protection plans also offer coverage to pay off your mortgage in the event you were to become critically ill or disabled. You can obtain plans that decrease as you pay down your mortgage thus reducing the monthly premium month after month.
Many policies also offer a unique return-of-premium feature that provides a refund of all of the premiums you paid into the policy at the end of the policy term. So, you can have the life insurance coverage you need and get a refund if you don’t need to use it!
7 IN 10 AMERICAN HOUSEHOLDS ARE DEPENDENT ON TWO INCOMES
HOW DOES MORTGAGE PROTECTION INSURANCE WORK?
While the specific benefits and features of mortgage protection will depend largely on the plan and insurance company offering it, this type of 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. Some policies also offer additional coverage designed to provide a benefit in the event you are critically ill or become disabled.
Get a Mortgage Protection Life insurance quote.
All situations are different, so its important to determine the right amount of coverage for your specific needs. Working with an experienced Priority Life agent can help you come up with the ideal plan for your needs and family.
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