As a homeowner you likely take measures to protect your investment. Whether you purchase extra homeowner's insurance, carry a home warranty or join the neighborhood watch committee, taking proper precautions to protect your home can pay off. Many homeowners choose to purchase mortgage life insurance as an extra safety net.
Mortgage life insurance protects your home in the event of your death. These policies settle your remaining mortgage debt relieving your loved ones of the burden of a mortgage payment. At the time of your death, your mortgage life insurance carrier will pay your lender directly ensuring that your home is paid free and clear. Mortgage life insurance is a simple and affordable way to protect both your home and your family.
Since mortgage life insurance policies cover the remaining amount of your mortgage, your potential death benefit diminishes over the course of the policy. If you are looking for life insurance coverage that won't diminish over the course of the policy, consider term life insurance. Coverage amounts for term policies stay the same throughout the life of your policy.
Many families choose to supplement their coverage or buy new term life insurance protection. If you have financial responsibilities beyond your mortgage, such as student loans and car payments, term life insurance coverage may be your best option. Term life coverage pays the death benefits directly to your surviving beneficiaries and gives them the flexibility to choose how to allocate it. At Mortgage Insurance, we give you the facts to help you determine whether mortgage or term life insurance coverage is right for you. The benefits of each may vary depending on your age, health and needs. Our licensed life insurance agents can answer your questions and help you understand how mortgage and/or term life insurance can protect your family and investments.
Request a quote today and speak with our one of our helpful agents.