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How does mortgage protection insurance work?
Mortgage protection ensures that your mortgage will be paid off in the event that you pass away while the policy is in force. If you qualify, the premiums you pay will be based on the amount of coverage you have in the policy.
Why do I need mortgage protection insurance?
To guarantee that your loved ones won’t have to handle the burden of your mortgage in the event of your death.
What are the advantages of mortgage protection insurance?
That your mortgage will be covered in the event of your death, allowing your loved ones some extra peace of mind. Mortgage protection is typically easy to purchase with affordable rates and often no physical exam required. Additionally, certain policies include a return of premium feature, allowing all the money you paid in premiums be returned to you if you never use the benefit (i.e. you pay off your mortgage before passing away).
Can I afford mortgage protection insurance?
Most likely! With mortgage protection being widely available from multiple carriers, pricing becomes affordable.
Do I qualify for mortgage protection insurance?
Since there’s typically no medical exam for this kind of coverage, mortgage protection insurance is easy to qualify for – even if you have a pre-existing condition.
When should I buy mortgage protection insurance?
The best time to get covered is when you’re planning to purchase a home. The second best time is when you’re already paying a mortgage. At the end of the day, mortgage protection insurance will ensure you’re protected in the event of tragedy. With a return of premium feature added to the policy, it just makes sense.