Mortgage Protection Insurance
Our home is one of the most valued assets we possess and mortgage protection insurance protects it. Mortgage protection insurance plans can be customized to fit individual requirements and specific budgets.
They can be especially designed to offer a death benefit that pays it all off or a specific portion of the individual’s mortgage. In case the policy remains unused, most states offer optional plans that refund all or a portion of the premium paid. These optional plans consist of disability income and return of premium plans.
Securing a mortgage may be a daunting task. Mortgage protection insurance can be there to ease the process should something terrible occur. In the unlikely and unfortunate event of a primary earner and breadwinner of a household dying, mortgage payments may not be within the budget of the dependents. That’s where mortgage protection insurance comes into play. When you first buy a home, or within a certain window of time after closing escrow, you can purchase a mortgage protection insurance policy that’s also considered as a life insurance program that allows for you to receive special benefits because you have a mortgage. Policies also dictate that beneficiaries can choose to use the money how the please with regards to the mortgage itself. They are available to put the money in the bank, resume payments on the mortgage, or just pay off the rest of it in one lump sum!
Mortgage protection insurance is also priced out based on certain aspects like the principal amount of the mortgage and whether or not you smoke. You may also not necessarily need a physical examination by a physician (depending on the insurer) to purchase a mortgage protection insurance policy. Out of roughly 70 million homeowners in the United States, only about 2 percent of them have mortgage protection insurance. It’s also important to remember the difference between mortgage protection insurance versus PMI (private mortgage insurance). For the answers to all your questions and an in-depth personal consultation, speak with the professionals at National Life Insurance Solutions today!