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If you have loved ones who depend on your financially, a life insurance policy can help you support them in the event you unexpectedly pass away. Mortgage protection insurance is a type of term life insurance that is designed to protect one of your most valuable assets: your home. In this article, we look at some of the ways that mortgage protection insurance can benefit you and your loved ones.
If you pass away while your policy is in force, your insurer provides funds to pay off your mortgage. This ensures that your loved ones are not left to cover these expenses on their own.
Some policies offer additional coverage options that make policy benefits available if you were to unable to pay the bills due to a disability. For people who work in high-risk jobs, and for those who might not qualify for other disability insurance products, mortgage protection insurance with a disability rider can be a good fit.
Some mortgage protection policies offer add-on coverage called a return of premium rider. This feature provides a full refund of all the premiums you paid into your mortgage protection policy when the term expires. This means that you can have the life insurance you need for a certain amount of time, then when you no longer need coverage, you could receive a refund of premiums you paid over the years.
Since mortgage protection insurance doesn’t offer lifelong protection, premiums are generally lower than other policies. The premium that you pay will be based on your age, your general health and whether you use tobacco products. Most mortgage protection plans are offered with simplified underwriting, so most people don’t have to complete a medical exam to qualify for coverage. With low premiums, high acceptance rates and financial protection when your family might need it most, the benefits of mortgage protection insurance are well worth it.
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