When you got your mortgage you may have been offered the opportunity to purchase Mortgage Protection Insurance. Mortgage protection insurance is as simple as this – you pay a non-changing premium for the duration of your life insurance policy, and if you die, the insurance pays off the rest of your mortgage. The lender becomes the beneficiary if and only if the loan gets defaulted from the borrower who is paying for coverage. Now the question is, is mortgage protection insurance for you?
This should really be a no brainer, you have this investment that you have enter in to, you want to make sure that you are prepare for all the unforeseen events that can happen. You take out the coverage because it not a question of price it about making sure that you have the stability to survive any financial problems. With Mortgage Protection Insurance you have protection from job loss, sickness, accidents. You are unable to work you do not have to be concerned with how to make the payment while you are out of work.
The type of policy to use will be a more valid question, you do not have life insurance you would want to use a whole life policy to have benefit for your family in case you were to die, while paying the mortgage off so that after the home paid off there would be money left to help out with expenses that the family would have while they got there affairs work out.
PROTECT YOUR MOST IMPORTANT INVESTMENT. YOUR HOME. A wide variety of plans to meet every budget and coverage need. Take pride in getting the protection to take care of your investment. This type of coverage can be a great benefit especially in our current market, with so many cutback in the work place.
the most important part of the mortgage protection plan is the life insurance. It can provide the coverage from and untimely death. This will insure that your dreams do not end because of this event happening when you could least afford for it. With this protection you make sure that what you have worked so hard to provide for your family that they will get to keep it. In the event that you have paid down the mortgage and have a spread sufficient enough can bridge the gap in the income lost to make it that the life style will be maintained for your family.
The most misunderstood products are insurance, not understanding how they add benefit for you, sure you pay money and in most cases never use the product. The down size is that there are more illness, and accidents each year, your chances of getting sick or in and accident increase every day.
The question is not if you will have and accident or get sick but when? Taking your financing seriously makes having the right coverage very important. As when they say being prepared for a rainy day, when you have a mortgage, mortgage protection insurance is your preparation.