Whether purchasing a new home or refinancing your mortgage, it’s a good idea to protect your mortgage in case the inevitable happens. If you’re not sure about getting mortgage protection, ask yourself this question: can your family make their mortgage payments without you? An easy and cost effective way to protect your mortgage is by purchasing term life insurance. In the event of your death, term life insurance can be used to pay off your mortgage and other expenses, such as educational costs, personal bills and credit card debt. Life insurance can also serve as an income replacement so your family can avoid financial difficulties and maintain the same standard of living without you. IMPORTANT Many mortgage companies will attempt to sell you life insurance to cover your mortgage; however, this coverage is often more expensive than buying an individual policy on your own. A level premium term life insurance policy offers an affordable protection that lasts the length of your mortgage. Recent Mortgage Protection Questions Can you get Mortgage Protection with a return of premium? Yes, because Mortgage Protection is a form of life insurance, a return or premium policy is available and recommended. If I sell my home (repay mortgage) do you I lose coverage? No, with Mortgage Protection life insurance, you are insuring yourself and protecting your family. If you sell your house you will still have coverage for the full amount. What if my home increases in value, can I change the coverage amount? If you wanted/needed more coverage you could also start a new policy. There are some carriers that would increase the coverage amount, but that would be on a case-by-case basis. Please call 1-888-973-8377 to find out which method would be best for you. Would my death benefit go to the Mortgage Company first? No, your death benefit would go directly to your beneficiary (wife/husband/child, etc..). They would have full control over the funds. They could pay off the mortgage immediately or use the money for any other needs of their choice. Are their taxes on the benefit? No, your beneficiaries would not have to pay taxes on any of the benefit. If you have any other questions, please call 1-888-973-8377 or email Term Life Florida. You can also visit our main Mortgage Protection page. Get a Quote for Mortgage Protection Life Insurance. |
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