Mortgage protection insurance is a type of term life insurance designed to pay off your mortgage in the event of your death or disability. This coverage ensures your family can stay in your home if you are no longer able to contribute to mortgage payments.
It is a type of term life insurance that will cover you against illnesses, disability, and also death. It will cover the length of your loan and make sure that your family can stay in the home. Some families end up trying to fight, through probate, in the courts to keep their home.
- Find the right amount of coverage for your needs.
- Choose a term length that matches the length of time you plan to pay off your mortgage.
- Look for something budget-friendly and competitive and that means connecting with a licensed agent who can shop top carriers.
There are some health requirements, but you can have certain health conditions and still be covered. Policies with living benefits are the most impactful for people. So, if you have a stroke or cancer you could pull money from the policy early so you can continue to pay your loan.