Why Purchase Mortgage Life Insurance: Protecting Your Family and Home?

October 28, 2023
When it comes to taking care of your loved ones and your home, there's one important consideration that often gets overlooked: mortgage life insurance. If you're not sure what it is or why you should consider it, you're in the right place. In this blog post, we'll break down why purchasing mortgage life insurance can be a wise decision, even if you're new to the world of insurance.

What Is Mortgage Life Insurance?

Before we dive into why you should get mortgage life insurance, let's clarify what it is. Mortgage life insurance is a specific type of policy that's designed to protect your family and home by paying off your mortgage in the event of your passing. In simple terms, it ensures that your family can remain in the home they shared with you, without the added financial burden of mortgage payments.

1. Peace of Mind for Your Loved Ones

One of the most compelling reasons to purchase mortgage life insurance is to provide peace of mind for your loved ones. Losing a family member is emotionally challenging, and the last thing you want to add to their worries is the fear of losing their home due to an unpaid mortgage.

By having a mortgage life insurance policy in place, your family won't have to stress about how to make those mortgage payments if something happens to you. This insurance acts as a safety net, assuring them that they can stay in the family home.

2. Pay Off Your Mortgage

We all work hard to pay off our mortgages and achieve the dream of homeownership. Mortgage life insurance is like a helping hand to fulfill that dream. If you pass away, the insurance policy will pay off your mortgage balance, ensuring that your family doesn't inherit this debt.

This can make a significant difference in their financial stability, allowing them to maintain their quality of life and provide for their needs without the burden of mortgage payments.

3. Keep Your Family in the Home They Love

Your home is not just a house; it's a place filled with memories, love, and a sense of belonging. Mortgage life insurance is a way to make sure your family can continue living in that cherished space.

By protecting them from the financial strain of a mortgage, you're not only safeguarding their financial future but also preserving the emotional connection to the home they've shared with you.

Purchasing mortgage life insurance is a smart choice to protect your family and your home. It offers peace of mind to your loved ones, ensuring that they won't have to worry about mortgage payments if you're no longer there to provide for them. With this insurance, you can pay off your mortgage and keep your family in the home they love, even in challenging times. It's an investment in their future and in the lasting memories made under your roof.

 

Is Mortgage Term Life Insurance a Good Idea?

December 14, 2016

Mortgage loan companies usually offer their clients the option to buy mortgage decreasing term life insurance which guarantees that your mortgage will be paid off in the event of your premature death.

Although the idea behind it sounds good, purchasing mortgage term life insurance is usually not recommended, unless you are in extremely poor health and cannot qualify for life insurance coverage elsewhere. 

Who will benefit from mortgage term life insurance?

Mortgage term life insurance can be th...


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Mortgage Term Life Insurance Simplified Issue?

November 30, 2015
Is there any simplified issue mortgage term life insurance available?

Yes, there are simplified issue term life plans that offer coverage up to 30 years to provide protection to help pay off your home mortgage loan.

Most mortgage term life policies offer coverage for a period of 10, 15, 20 or 30 years. So, if you have a 15 or 30 year mortgage, a simplified issue term life policy can help you accomplish your goal.

For example, one carrier offers up to $350,000 of simplified issue life insurance f...
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Is Life Insurance Needed For A Mortgage?

September 28, 2013

Life insurance is usually not required when getting a mortgage loan on your home unless the down payment is very low, for example, 5% or less.

Then, the borrower is required to buy a type of insurance called "PMI", or Private Mortgage Insurance. This insurance coverage would pay the lender what is owed to them from the outstanding unpaid balance on the mortgage loan in the event of the mortgage borrower's death.

However, many people do use regular term life insurance to prote...


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Why Do I Need Life Insurance With A Mortgage?

September 23, 2013

You may or may not need life insurance with a mortgage.

Your lender may require you to carry mortgage insurance if you are making a low down payment on your home. Mortgage insurance names the lender as beneficiary and the death benefit goes to the lender to pay off your mortgage loan upon your death.

However, you may want to consider mortgage term life insurance if you own a home with a mortgage. Mortgage term life allows you to name your spouse, or anyone you choose, to be...


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Mortgage Insurance No Physical Exam

September 4, 2012
Are you looking for mortgage life insurance but you don't want the hassles or delays of taking a physical?

If so, you now have another option, there is mortgage life insurance available with no health exam needed. However, there are some health questions for you to answer when you apply for your policy.

But, if you qualify, you may be able to purchase up to $500,000 of mortgage term life insurance without having to take any physical examination. And, if approved, you may be able to start your m...
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Mortgage Life Insurance

August 11, 2012
What is mortgage life insurance?

Mortgage life insurance is a type of term life insurance that provides money for your surviving family members to pay off your home mortgage loan in case you die.

Mortgage term life insurance can last for a period of 15, 20, 25, or 30 years. You choose a term for your life insurance to provide coverage for a period of time that matches your mortgage loan.

If you die during the term of your mortgage life insurance policy your spouse (beneficiary) will receive the ...
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