Mortgage Protection Insurance
For many people, a house is the biggest asset they own. Usually home ownership is secured through loans or financing, so if something should happen to a breadwinner before the house is paid off, surviving household members may face significant (and in some cases impossible) financial hurdles. And this happens during a period of grieving and addressing other financial concerns.
Mortgage Protection Insurance can provide peace of mind to homeowners and ensure their family has a home in the event of loss. Similar to other types of life insurance, mortgage protection insurance secures a death benefit amount. However, mortgage protection insurance differs from term and whole life insurance in a few ways, such as:
- Guaranteed approval. Unlike most life insurance, mortgage protection is available regardless of health conditions.
- Some mortgage protection policies may cover limited periods of job loss or disability.
- Unlike term life insurance, the policy value can decrease as your mortgage balance decreases.
Can’t I Just Get A Life Insurance Policy?
You may be asking yourself if it is really necessary to obtain mortgage protection insurance when a term life or whole life policy may suffice. And true, with these policy types you may be able to secure a death benefit amount that will cover the remainder of a mortgage. But mortgage protection insurance is not subject the same underwriting most life insurance is, meaning individuals in poor health can obtain coverage.
Additionally, it may make sense, from a cost/benefit perspective to choose mortgage protection insurance over other types, or to have both a mortgage protection policy and a life insurance policy.
What will be right for you will depend on your unique situation, which is why it can be very beneficial to meet with a professional.
About JL Mortgage Protection
JL Mortgage Protection strives to offer you quality insurance coverage, a high level of professional service, and a long-term relationship. As independent agents, we will research rates and coverage from top insurance companies to find the best insurance rates and plans for you. We do the shopping and comparing for you, all to save you time and money!