Mortgage Protection Insurance
These are the different kinds of Insurance you can get to protect you in the case of Loss of Life, Disability, Serious Illness and Unemployment. Your home may be the biggest purchase you make, and the equity you have in your home can be your major investment in your future. Consider getting some or all of the following types of insurance so that your mortgage payments are covered when necessary.
Mortgage Life Insurance
You want to protect your family should you die. One way to ensure they are able to stay in their home is to purchase a mortgage life insurance polity. With mortgage life insurance, if you die, the life insurance proceeds will be used to pay off the mortgage. Any remaining funds will then go with the rest of the estate to those named as your beneficiaries.
Mortgage Protection For Serious Illness and/or Disability
You can safeguard your family’s future and help ensure you don’t lose your home if you are seriously injured are disabled. Many policies offer full coverage after a brief waiting period. Typically, this type of insurance pays your mortgage for up to two years, giving you and your family the opportunity to plan long-term for your future.
One never knows when a devastating illness cancer, heart attack or other potentially life-threatening condition may strike. When you take out mortgage protection insurance against serious illness, a lump sum can often be provided up to 100% of the face value of the policy. These funds allow your family time to make plans long-term for their future.
Mortgage Protection for Unemployment
It may seem improbable to purchase a mortgage protection polity for unemployment. We don’t like to think about the possibility of losing a job, especially if we’re the primary provider for our family.
In today’s tenuous economic situation, unemployment can happen even in industries and with companies that have a long history of stability and job security. Purchase a policy for unemployment further protects your family from the possibility of losing your home when a job loss occurs.
Talk to a reputable insurance agent who has experience with the various kinds of mortgage insurance programs.
