For many of us, our home is our most valuable asset, and our mortgage payments are often our biggest expense. Mortgage protection insurance is tailored to protect your loved ones in the event you pass away unexpectedly, offering a life insurance payout to help your family stay in their home and keep up with mortgage payments.
Mortgage protection insurance would pay off whatever is left of your home loan when you die, taking that burden away from your loved ones. If you are the primary breadwinner, this insurance is a good way to make sure that your family is protected.
Mortgage protection is essentially a term life insurance policy. Like all other types of term life, the policy is designed to last a set amount of time. In this case, the policy lasts the same term length as your mortgage. The policy value reflects the amount of your mortgage, and if you pass away, this insurance would step in to cover payments.
Mortgage protection is easy to qualify for and has one of the highest acceptance rates among insurance carriers. Even for someone who has pre-existing conditions that might make them ineligible for life insurance, a simplified underwriting process makes mortgage protection much more accessible. Even age is not a barrier, as you can still qualify for this insurance later in life (just keep in mind you might pay higher premiums).
You can add on policy riders that would allow the policy to kick in if you became disabled or were diagnosed with an illness that prevented you from making your payments. These riders would cost a little extra, but they add on another layer of coverage that can further support your loved ones in the event of a tragedy.
With mortgage protection insurance, you won’t have to worry that there won’t be enough money in the policy to cover the remaining amount of your mortgage if you pass away. It takes all the guesswork out of managing a life insurance payout, so your family won’t have to allocate money for the mortgage at the risk of losing their home, as the policy goes directly towards paying the remaining mortgage. It’s a simple way to protect your home.
If monthly mortgage payments are something your family would be unable to face on their own, mortgage protection is an ideal option. With mortgage protection insurance, you can rest easy knowing that you’ve prepared for the worst to ensure that your family and home are protected.
Interested in getting mortgage protection to protect your home and loved ones? Request a quote for mortgage protection today and your Symmetry agent can shop around from over 30 of the top carriers to find an affordable policy that fits your needs.