Affordable insurance that provides financial security for your home and family should tragedy strike.
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What is Mortgage Protection 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.
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!
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
- Protect against loss of income from disability or sickness
- Have a term product that may return 100% of what is paid into it
63% of families with children are dependent on two incomes.
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.
Frequently Asked Questions
What is the difference between mortgage protection insurance and homeowners insurance?
Mortgage Protection Insurance:
- Money goes to your family
- Pays your mortgage if you become sick or injured
- Money your family receives is tax free
- Makes your premiums in case of job loss*
- Is portable – new home? It travels with you
Homeowners Insurance Covers:
- Damage to your home in severe weather and water conditions
- Theft of your belongings
- Vandalism of your house and property
- Fire damage to your home
- Personal injury lawsuits if someone gets hurt on your property
Do I qualify for mortgage protection insurance?
In most cases, yes! Mortgage protection insurance has a very high acceptance rate as most plans are offered with simplified underwriting (you won’t have to take a medical exam to qualify). One of our experts can help to see if you qualify.
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.
Can I afford mortgage protection insurance?
Mortgage protection is one of the most inexpensive types of insurance, and it’s often a more affordable option than purchasing a separate whole life policy to pay off your mortgage in the event of your death.
Is mortgage protection the same as mortgage insurance?
No mortgage insurance is designed to protect the lender from loss on the home if you don’t make payments. When you pay PMI insurance that money is not for your protection, its for the lender.
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.