Mortgage Protection Insurance

As a homeowner, you want to protect your home with affordable, comprehensive coverage.

Mortgage protection insurance is a type of life insurance that is designed to pay off your mortgage in the event of your death, or to buy your loved ones time by paying for a specific number of months of your mortgage payments in the event you passed away. This coverage ensures that your family could stay in their home if you were no longer able to contribute to mortgage payments. Once you qualify, you pay premiums based on your amount of coverage. 

Mortgage protection insurance is right for you if you want to:

• Protect your most valuable asset
• Ensure your loved ones never have to deal with the fear of losing their home
• Provide financial security if the unthinkable happens

Why Do I Need Mortgage Protection Insurance?

As a homeowner, being able to pay your mortgage on time every month is important. What would happen to your loved ones if you

were to die prematurely? None of us know what the future will bring, but you can achieve peace of mind today with mortgage protection insurance.

Advantages of Mortgage Protection Insurance

• Provides a death benefit to pay off your mortgage or pay for a specific amount of months of payments in the event of your death
• Protects your mortgage payments in the event of critical illness
• Provides benefits from a life insurance policy with generally affordable premiums
• Achieves peace of mind for your home and family

How Mortgage Protection Works

Mortgage protection insurance functions much like other life insurance policies: You pay premiums to the insurance company to purchase a specific amount of mortgage protection coverage. Those premiums are based on your attained age and your health, as well as the value of your home and the payoff amount.

Mortgage protection insurance vs. Private mortgage insurance- (MPI vs PMI): what's the difference?

Although these two insurance products sound similar, they are actually different. Private mortgage insurance, or pmi, is designed to protect your mortgage lender from a scenario where you stop making payments and default on your loan. Your lender may require you to have this type of coverage if you purchase your home with less than 20% down. Mortgage protection insurance, on the other hand, is designed to protect your loved ones in the event you die, become ill or disabled and are unable to continue making mortgage payments as a result.

Mortgage Protection Insurance:

• Money goes to your family
• Pays your mortgage if you become critically sick
• Money your family receives is tax free
• Is portable – new home? It travels with you
• Available in most states. 

Do I qualify for mortgage protection insurance?

In most cases, yes! Mortgage protection insurance has a very high acceptance rate as most plans are offered with simplified

underwriting (you won’t have to take a medical exam to qualify).

When should I buy mortgage protection insurance?

If you have a mortgage on your home, or if you are in the process of obtaining a mortgage, you should consider buying mortgage protection insurance.