What is it?
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 does Mortgage Protection Work?
Once you qualify, you pay premiums based on your amount of coverage. If you die while the policy is in force, the insurance company provides funds to pay off your mortgage.
Why do I need Mortgage Protection?
Mortgage protection provides funds to cover an outstanding mortgage balance in the event of your death.
What are the advantages of Mortgage Protection?
The main benefit is to protect your family in the event you die with an outstanding mortgage balance. This coverage is also easy to purchase, no physical exam is typically required, and rates are generally affordable. Certain policies also offer a return of premium feature, so if you don’t use the benefit, you get your money back.
Can I afford Mortgage Protection?
Yes! Since so many companies offer this coverage, pricing is competitive Crouch Corp Insurance Services works with 30+ carriers and we will definitely find a deal that is affordable to basically anyone.
Do I qualify for Mortgage Protection?
Most plans are offered with simplified underwriting, so you don’t always have to pass a medical exam to qualify. If you have a pre-existing condition, this can be a less competitive option to qualify for.
When should I buy Mortgage Protection?
If you plan to purchase a home, or you’re already paying a mortgage, you should have this insurance to ensure you’re protected if the unexpected happens.