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Mortgage protection insurance" is designed specifically to provide financial security for mortgage payments after you die. With this type of insurance, you pay a premium that remains at the same rate during the life of the policy. In the event of your death, the policy pays off the remaining mortgage balance. As with other types of life insurance, factors such as age, health and if you use tobacco or not are considered in determining the premium you will pay . An example of such a policy would be "A policy covering a mortgage of $100,000 will cost about $50 a month for a 40-year old non-smoker, depending on where you live. The "death benefit" in this case is the outstanding balance on your mortgage. So, if you take out a large mortgage initially, your premiums will be higher. As you pay your mortgage off, the amount your policy pays off goes down. Even so, your policy premiums remain the same because the payments have been calculated with the decreasing death benefit in mind." Once the mortgage is completely paid off, your beneficiaries receive the remaining amount as a death benefit. This is a decreasing plan. Level benefit plans are also available.
A home fully paid for is a big part of your family's future. Make sure that part of their future is provided for free and clear even in the event you don't live to see the mortgage paid in full. Send us the form below and give us a chance to talk about your how you can arrange for this to be part of your promise to them.
Key Benefits
- Peace of mind.
- Creates a comfort zone for your family, knowing they have put down roots
- Can be configured to pay off mortgage early
