MORTGAGE LIFE INSURANCE

Mortgage Life Insurance is designed to provide for your families financial protection; to ease the burden on a family when the unthinkable happens. This benefit will help the survivors with paying off the home, debt, taxes and or any outstanding bills the family has to settle.

Deciding to buy a home is one of the most exciting – and most expensive – purchases you will ever make. Although it may be a huge expense, the house you buy will become “home” to your family and will be a place where you create and share a lifetime of memories. It is never too early to begin protecting something so special for the people who mean the most with Mortgage Life Insurance.

Life Insurance for Mortgage Protection is simply a term used that encompasses many different elements of Insurance all brought together to create a policy that protects your home and family. Here are some Mortgage Life Insurance highlights.

  • The policy is convertible up to age 69. Which means you can turn your Term coverage into permanent protection at the same rate class you originally qualified for; Just in case your health changes you can still protect yourself for the long term.
  • Terminal illness rider, gives you access to your death benefit upon a terminal diagnosis that results in death within 12 months. You can get up to 50% of your death benefit up to a maximum advance of 250K.
  • You can custom design your plan around the time left on your mortgage 10,15,20,25 and 30yr Terms are available.
  • Return of Premium rider allows you to get 100% of your cash value. This means that the plan will give you all the premiums paid back.
  • Disability rider will give you funds that can cover your monthly mortgage payment if you become disabled and can not work.
  • Level Premiums, the premiums in your policy will remain level for the life of the plan.
  • Level Death Benefit, the plan’s death benefit does not decrease with your loan balance. Which means your family will always get the original face amount of the policy.
  • Death Benefits are paid directly to the family, Traditional Mortgage Life insurance use to pay the lender directly.
  • Plan is portable, if you move, refinance and or buy another home. The policy will stay in effect for the full term.

If you or your spouse passes away, your family could potentially lose the house they have grown to know as home. The loss of one income is typically enough to cause financial stress for a family, often making mortgage payments unaffordable. Relieve your family of additional stress and grief, when they will already be grieving the loss of a loved one.

Mortgage Life Insurance safeguards your family in the event of an unexpected death. The stability of your family depends on you paying the mortgage to keep the home. The policy will typically cover the entire mortgage amount leaving the home free and clear for the family in case of a death.

You can never be too safe while thinking about your loved ones. Protect your family while you still can. Life is unpredictable, so don’t keep waiting to get coverage for your family. Give your family the protection they deserve, and yourself peace of mind by knowing your family is protected.

  • Any existing life insurance policies.
  • Expected immediate expenses at the time of death, such as final illness expenses, burial costs and estate taxes.
  • Estimated transition expenses to help finance a move or find a job.
  • Day to day expenses, such as monthly bills, daycare costs, college tuition or retirement.
  • What premium amount would fit comfortably into your budget?