What is mortgage protection insurance?
Mortgage protection insurance is a term life policy sized to your home loan. If you pass away while you still owe on the house, the payout goes to your family so they can pay off the mortgage and stay in the home. It is usually set up to match the length of the loan.
By Joseph Citrola, independent life insurance agent with Fastlane Financial. Licensed, NPN 20686856.
How it works
You choose an amount close to what you owe and a term close to the years left on the loan. If something happens to you, your family gets the money directly. They can pay off the house or use it however they need.
Who it is for
Anyone with a mortgage whose family would struggle to make the payment without them. It is one of the first policies new homeowners buy.
Living benefits
Many mortgage protection plans include living benefits, which let you use part of the policy while you are alive if you are diagnosed with a serious illness. That can keep the mortgage paid during treatment.
How I help
I compare mortgage protection options from several companies and match the term and amount to your loan. Many plans are approved in days with no medical exam.
Common questions
Does the money go to the bank?
No. With the plans I offer the money goes to your family, not the lender. They decide how to use it.
Is this the same as PMI?
No. PMI protects the lender if you default. Mortgage protection insurance protects your family if you pass away.
How soon after closing should I get it?
As soon as possible. Rates are based on your age and health, so the earlier you start, the lower the cost.
Want to know what this would cost you?
Three questions. Two minutes. No obligation.
Get my free quoteOr call (239) 297-6364