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Mortgage Protection

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You have always been there for your family, and you want to make sure they are taken care of after you are gone. In the event of your passing, family income is reduced, and expenses can start to pile up, the largest of which is usually the home mortgage.

Mortgage Protection Insurance is a simple and affordable way to safeguard your family against the financial burden of an outstanding mortgage in the event of your death, by helping to pay off the remaining balance up to a specified amount. With the right coverage, your family can continue living in the house they have come to call home.

How Does Mortgage Protection Insurance Work?

Mortgage protection insurance operates like term life insurance—you make premium payments for the duration of the policy term and are covered while the policy is in place. Many insurers issue policies that are the same length as the term of the covered mortgage, but policies may be available in Ten- Fifteen - Twenty – Twenty-Five and Thirty-year increments.

If you die during the coverage period, the death benefit is paid to the mortgage lender. Your loved ones will receive all the proceeds from the policy, to pay the mortgage in full so they do not have to worry about making house payments. Some mortgage protection policies also cover mortgage payments for a set period if you become unemployed or disabled.

You may feel at ease knowing mortgage payments won't be a burden to your family if you pass away.

Possibly cheaper than life insurance, a common alternative: Suppose you can't get affordable life insurance because of your age or health. In that case, a mortgage protection policy with affordable premiums may be a better fit.

When you apply for life insurance, a field underwriter will qualify you for coverage. A medical exam is normally not required under certain policy amounts.

Mortgage protection insurance can provide peace of mind knowing your loved ones won't be stuck with payments if you pass away.