How does mortgage protection insurance work?
Mortgage protection ensures that your mortgage will be paid off in the event that you pass away while the policy is in force. If you qualify, the premiums you pay will be based on the amount of coverage you have in the policy.
Why do I need mortgage protection insurance?
To ensure that your loved ones won’t have to handle the burden of your mortgage in the event of your death.
What are the advantages of mortgage protection insurance?
Mainly, that your mortgage will be covered in the event of your death, allowing your loved ones some extra peace of mind. Mortgage protection is also easy to purchase, with rates generally being affordable, and no physical exam required typically. Additionally, certain policies include a return of premium feature, allowing you to get all of the money you paid in premiums returned to you if you never end up using the benefit (i.e. you pay off your mortgage before passing away).
Can I afford mortgage protection insurance?
Most likely! With mortgage protection being one of the more competitive insurance products, the pricing for it tends to be quite competitive as well, making it very affordable.
Do I qualify for mortgage protection insurance?
Most likely! Since there’s typically no medical exam you need to pass in order to qualify for this kind of coverage, mortgage protection is pretty easy to qualify for, even if you have a pre-existing condition.
When should I buy mortgage protection insurance?
The best time to get covered is when you’re planning to purchase a home. The second best time is if you’re already paying a mortgage. At the end of the day, this type of coverage will ensure you’re protected in the event of tragedy, and with a return of premium feature added to the policy, it really doesn’t make sense not to have this in place.
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