Wise Choice Insurance Brokers, LLC
Taking out a mortgage can be a scary prospect. Now imagine if one of the household's breadwinners dies. How will you make the payments? Mortgage protection insurance covers this potential financial disaster.
Exactly What is Mortgage Protection Insurance?
Purchase a term life insurance policy for at least the amount of your mortgage. Then, if you pass away during the "term" when the policy’s in force, your loved ones receive the face value of the policy. They can use the proceeds to pay off the mortgage. Proceeds that are often tax free.
Actually, the proceeds from your policy can be used for any purpose your beneficiaries choose. If your mortgage has a low interest rate, they may want to pay off high-interest credit card debt and keep the lower-interest mortgage. Or they may want to pay for home maintenance and upkeep. Whatever they decide to do, that money will come in handy.
Click here to get a FREE estimate of the amount of coverage you may need, and how much a mortgage life insurance quote could cost.
Term Life Insurance vs Mortgage Life Insurance
Both term insurance and mortgage life insurance provide a means of paying off your mortgage. With either type of insurance, you pay regular premiums to keep the coverage in force.
But with mortgage life insurance, your mortgage lender is the beneficiary of the policy rather than beneficiaries you designate. If you pass away, your lender is paid the balance of your mortgage. Your mortgage will go away, but your survivors or loved ones won’t see any of the proceeds.
In addition, standard term insurance offers a level benefit and level premium for the term of the policy. With mortgage life insurance, the premiums may remain the same, but the value of the policy decreases over time as the balance of your mortgage declines.
For more information, call Monday- Saturday 8AM- 8PM EST, to speak with one of our insurance professionals about using term life insurance to pay off your mortgage after you’re gone. All your information will be kept confidential. Call 678-607-5877 for peace of mind.
Licensed Brokers In: GA, TX, NC