In our industry, we are seeing more and more seniors reaching out for help with life insurance to cover debt. Many times, seniors’ debt is an equity loan used to lower monthly payments to help reduce expenses. This leaves them with a debt that passes on to their families should they die before paying off the loan. Most parents don’t want their children to inherit debt. They can buy Mortgage Protection Insurance to help with repayment of the debt. Protecting their family from burden provides peace of mind!
Mortgage Life Insurance can cover the entire amount of the home equity loan. Or it can cover a certain number of payments. The latter helps the family by providing money to make the loan payments each month. This lessens the burden of another monthly expense for the grieving family. It gives them time to grieve and decide on a plan for the family home. Or it gives them time refinance the amount left on the loan to make it more affordable. Or it gives them time to sell it to earn the equity that remains in the home.
The answer is different for everyone. Cost depends on the amount of coverage and type of plan, term or permanent. But mortgage life insurance will never be less expensive than it is today. Click on the button below to get a quote on your life insurance today.