Mortgage Protection Life Insurance
Mortgage protection is not a type of coverage, but a reason to buy life and/or
disability insurance. Your mortgage payments are probably your largest expense.
An unexpected disruption in income due to death, illness, or injury may cause
your family to fall behind in payments, threatening the loss of your home.
Imagine, you have paid on your home for the last ten years and then you die.
Your spouse can no longer pay the mortgage due to the loss of your income.
The bank forecloses on the home. Now your family is homeless; not only
did the bank get ten years of mortgage payments but also the equity in your home.
Mortgage protection is designed to keep your family in their home and retain your
hard earned home equity.
Here are some benefits and features that may be available:
- Reduce or pay off your mortgage in the event of death
- Make loan payments due to disability
- Help protect your credit rating
- Provide a return of all premiums at the end of the coverage term
- Level coverage and premiums
- Liberal underwriting criteria
- Extremely affordable rates
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