Mortgage Protection Life Insurance for your home and family
Mortgage Protection insurance is one of the most popular insurance products when you purchase a new home, or refinance. It comes in several forms, but it typically covers your mortgage if you become disabled due to injury or illness, and it pays off your mortgage when you die. Mortgage Protection Life Insurance programs includes critical illness benefits and disability benefits not available in most Life Insurance Plans. This protection helps you make your Mortgage payments while you recover from your illness or injury! Best of all, It is affordable protection you and your family can count on when you may need it most.In Fact, Many families are forced to leave their family home due to economic hardship caused by disability, illness or death. Are you prepared for the unexpected? Mortgage Protection Life Insurance could be a great solution for you and your family.
Your home is your life
Your home is usually the single largest asset that you own. However, what would happen to your home if you were to die prematurely? Who will pay off your mortgage for your family if you are not there? How will your family find the funds to make the monthly mortgage payment if you cannot work due to disability.
What are the benefits?
What is the cost?
The cost of mortgage protection insurance varies from person to person, and as with life insurance, your rate is based on your age and health, as well as the current value of your home, the amount of your regular payment, and the current payoff amount of the mortgage. With policies that make monthly payments in the event of a disability, your cost will vary greatly based upon the industry in which you work. A roofer, for example, is at a higher risk of disability than an accountant..
Mortgage Protection Life Insurance
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Mortgage protection from the bank vs mortgage life insurance
It is important to clarify that the main beneficiary on a Mortgage protection Insurance plan issued by the mortgage bank, is the lender, not your family. Additionally, mortgage protection from banks decrease in value depending on mortgage balance. Therefore, if you decide to refinance int he future, your new mortgage obligation will be higher than you mortgage insurance policy. Even worse, some banks cancel your policy if your loan is sold to another servicing company.Talk about bad! Mortgage Life Insurance, on the other hand, is an independent life insurance policy. This gives you the freedom to determine the right amount of life insurance for today and for the future. The death benefit stays level, as well as, the premiums. If you pass away, your family will have the right to the death benefit tax free, not the bank. Additionally, when you refinance in the future, your death benefit stays level, and you will never have more debt than insurance.