Mortgage Life Insurance
You just bought a home! Congratulations! Is it protected? What would be the sense in buying yourself a home and not being able to keep it in the family, right?
Traditional Mortgage Insurance Fails the Homeowner
Your typical mortgage insurance protects the home for the bank. In other words, if anything happens to you or your spouse and if you’re not able to pay off the mortgage, who ends up with the house? That’s right, the bank.
Mortgage Life Insurance Protects You
But what if you could ensure that the mortgage gets paid, and the home can stay in the family? Mortgage life insurance is your solution. When tragedy strikes like death or illness, many families can't continue paying their mortgage. With life insurance with living benefits, you can use the money to pay your living expenses whether you're sick, disabled, or God forbid, the homeowner passes away. If you're the homeowner, your family will be protected should anything happen to you.
How Much Coverage Should you Get?
Mortgage protection life insurance is a life insurance policy that is meant to protect your mortgage and assets. Suppose you and your spouse have a $350,000 mortgage. You’ll need just as much insurance coverage in the case that anything happens to either you or your spouse so that the mortgage can be paid off.
The cost of mortgage life insurance varies on the amount needed and health and age of the insured. When you sit with your agent, together you will determine the amount of insurance needed to cover the mortgage as well as other assets, debts, and amount you’d need for your legacy.
Mortgage Life Insurance Can be Affordable
One common and most affordable way to get the mortgage insurance protection is with a term policy Depending on the carrier, you can get a term policy for 30 years, 20, 15, and various terms in between! If you have young children, will you want to send them off to college? If something happens to you or your spouse, will your family be able to maintain their lifestyle? Will the children be able to head off to college, will the mortgage be paid, will there be enough money for groceries, to pay off debt, and to maintain the same lifestyle? That’s the purpose of life insurance.
In basic terms, life insurance is money at a discounted rate. Design life insurance for your retirement, vacations, tax advantage investments, legacy, college funds, and more.
If you just purchased a home, don’t let a day pass by without mortgage life insurance. We hard for our money and to obtain the lifestyle we desire so make sure you’re protected!