Mortgage Protection Insurance
Frequently Asked Questions
1What is the difference between mortgage protection insurance and homeowners insurance?
Mortgage Protection Insurance:
Makes your premiums in case of job loss*
Money goes to your family
Pays your mortgage if you become sick or injured
Money your family receives is tax free
Is portable – new home? It travels with you
.
Homeowners Insurance Covers:
Damage to your home in severe weather and water conditions
Theft of your belongings
Vandalism of your house and property
Fire damage to your home
Personal injury lawsuits if someone gets hurt on your property
2Do I qualify for mortgage protection insurance?
In most cases, yes! Mortgage protection insurance has a very high acceptance rate as most plans are offered with simplified underwriting (you won’t have to take a medical exam to qualify).
3When should I buy mortgage protection insurance?
If you have a mortgage on your home, or if you are in the process of obtaining a mortgage, you should consider buying mortgage protection insurance.
4Can I afford mortgage protection insurance?
Mortgage protection is one of the most inexpensive types of insurance, and it’s often a more affordable option than purchasing a separate whole life policy to pay off your mortgage in the event of your death.