As people get older and start to build their families, it becomes important to protect those that you love after you die. It’s scary to think about that possibility but doing everything you can to protect your family if it does happen is the best way to put your mind at ease. Mortgage life insurance (also known as Mortgage Protection Insurance) is one of many life insurance options available, but how do you know if it’s right for you?
What is Mortgage Protection Insurance?
Mortgage life insurance is a type of life insurance designed specifically to cover your mortgage. Instead of listing beneficiaries as you do with other life insurance policy, the money from a mortgage life insurance policy is sent directly to your mortgage lender in the event of your death. The value of your mortgage life insurance policy changes as you pay your mortgage so that it covers the exact value of what you still owe.
Protecting Your Family
Mortgage life insurance acts as an extra layer of protection for your family. The last thing your family should be worried about while they mourn is having to move because they can’t afford the home without your income. Mortgage life insurance ensures that your family will be able to remain in the home and focus on other areas of financial stress without worrying about keeping a roof over their head.
Who is a Good Candidate?
Anyone who wants to further protect their family and assets is a good candidate for mortgage life insurance, however, there are some other factors that may make it even more appealing to you in particular. Some people struggle to get approved for term or whole life insurance policies. One of the most common reasons for that is because both term and whole life insurance require a medical exam before you can be approved. If you have chronic medical conditions, getting approved is difficult. If you’re unable to get a term or whole life insurance policy because you’re unable to pass a medical exam, mortgage life insurance is perfect for you!
No medical exam is needed for mortgage life insurance policies and almost everyone is able to get approved for coverage. You can also utilize mortgage life insurance as added protection in addition to your term or whole life policies so your family can use the money from those policies for other things and not the mortgage.
To learn more about your mortgage life insurance options and pricing, contact You Matter Insurance & Financial Group today!