When you own your home, you want to protect it with affordable coverage to ensure that in the event of a unexpected tragedy your family can afford the mortgage payments. Mortgage protection life insurance can provide peace of mind that your family will be safe from a bank foreclosure when the breadwinner passes away.
“Forty-two percent of Americans say their household would face financial hardship within six months should a wage earner die unexpectedly — 25% would struggle financially within a month.” LIMRA. “Facts About Life 2021.” Fact Sheet. LIMRA. Windsor, CI. 2022. Web.
These policies can vary related to the family situation. Often a term life insurance policy is used to cover the full mortgage amount or a portion of it which would result in the mortgage being fully paid off or partially paid off in the event of a death. Occasionally mortgage protection coverage can be a plan that would help the surviving family members make a specified number of mortgage payments. This gives the family time to grieve their loss, take care of the belongings of their loved one, and gives them time to decide what they want to do with the home. They can refinance the remaining amount owed or prepare the home to be sold.
Questions? Contact us or request a quote by clicking the button below and we will help you look at your coverage eligibility and plans that may help your family.