Mortgage Protection
Mortgage Protection Insurance
What is Mortgage Protection Insurance?
As a homeowner, you want to protect your home with affordable, comprehensive coverage.
Mortgage protection insurance is a type of term life insurance that is designed to pay off your mortgage in the event of your death. It functions like a standard term life policy: You purchase a policy for a set period, make monthly payments, and if you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. This coverage ensures that your family could stay in their home if you were no longer able to contribute to mortgage payments.
How Mortgage Protection Insurance Works
Mortgage protection insurance functions much like other life insurance policies: You pay premiums to the insurance company to purchase a specific amount of mortgage protection coverage. Those premiums are based on your attained age and your health, as well as the value of your home and the payoff amount. If you die while the policy is in force, the insurance company provides funds to pay off your mortgage.
Advantages of Mortgage Protection Insurance
- Provides a death benefit to pay off your mortgage in the event of your death
- Pays your mortgage payments if you become disabled
- Protects your mortgage payments in the event of critical illness
- Provides benefits from a life insurance policy with generally affordable premiums
- Achieves peace of mind for your home and family