In the simplest terms if you die before your mortgage is fully paid off, your heir or heirs will need to assume the payments if they want to keep the home. In the event they are unable to meet the payments, the loan will go into default. If it continues to go unpaid, the bank will foreclose in 90 days and take possession of the property. Mortgage protection insurance, can prevent such an event. If you have this policy, the insurance company will typically pay the lender the remaining mortgage balance after your death. Policies with living benefits will also cover critical illness(such as a heart attack or stroke), disability(paralyzed, unable to work), and terminal illness(such as cancer).
Why do I need mortgage life protection?
Mortgage life protection provides peace of mind, ensuring that your loved ones are not left with mortgage debt in case of unforeseen circumstances, allowing them to maintain their home.
How does the coverage work?
The coverage pays off the remaining mortgage balance directly to the lender upon the policyholder’s death, relieving the family from financial stress during a difficult time.
Is it affordable?
Yes, mortgage life protection is designed to b
e affordable, with various plans available to fit different budgets and
Can I customize my policy?
Absolutely! We offer customizable options to tailor your mortgage life protection policy to meet your specific needs and preferences.
Call 303-591-8652