If you are like many people, your home is the most important thing you own, and a good chunk of your income probably goes to pay the mortgage every month. What would happen if your income wasn't there because you died prematurely or became disabled? Would your family be able to continue making mortgage payments, so they wouldn't have to be uprooted? Mortgage protection insurance is designed to offer you peace of mind knowing your loved ones could stay in the family home without worrying about where or how to come up with the next month's mortgage payment.
Here are some of the top benefits mortgage protection insurance offers:
Mortgage protection insurance is a type of term insurance. Because it's not designed to provide life-long protection, it's generally affordable. The actual premium you pay will be based on the amount of coverage you need (the amount of your outstanding mortgage), your age, whether or not you smoke, and your general health. Generally speaking, it is easy to qualify for mortgage insurance. You may not need to undergo a health exam, unlike more traditional life insurance products.
Basic mortgage protection insurance offers coverage in the event you die while you still have an outstanding mortgage balance. With many policies, you also have the option of adding coverage that would make policy benefits payable if you were alive but disabled. In the event of a disability, policy benefits would be paid directly to the mortgage company. For people who work in high-risk jobs who may not qualify for other disability insurance products, this feature of mortgage protection insurance can be a significant benefit.
Even if you pay off your mortgage early, you get to keep the insurance protection for the full policy term, in most cases. If you die while the policy is in force, benefits go to your named beneficiaries who can use them to pay off the mortgage, or for any other purpose. Moreover, as with other life insurance benefits, they are usually income tax-free.
Mortgage protection insurance isn't for everyone, but it does make sense for many people. To learn more about the benefits, features, and options available with mortgage protection insurance, contact the experienced insurance professionals at Symmetry Financial Group. We'll work closely with you to determine which product(s) might best meet your needs. Then, we'll go to our network of more than 30 well-known insurance carriers to find coverage options that will protect your loved ones, while staying within your budget.
Contact a Symmetry agent today to find the best mortgage protection insurance policy for your needs.