Frequently Asked Questions
Why do I need mortgage protection Insurance?
If you unexpectedly pass away, and have a family that depends on you, you need mortgage protection insurance. Your loved ones can stay in their home without the financial burden of making the monthly payments.
Am I required to purchase mortgage protection insurance?
It is not mandatory, but it is highly recommended. Mortgage protection insurance means your family will not be in jeopardy of losing their home in the event of your death.
Is the life insurance provided by my employer enough?
Usually employers do not provide large policies for employees. Make sure the amount of coverage is enough to cover the loan on your home. Keep in mind that if you leave this job you will lose the coverage as well. Mortgage protection insurance that you purchase on your own is yours, as long as you are maintaining your monthly premiums.
Who gets the money?
Whoever you choose as your beneficiary. This is the person or person(s) you want to leave your insurance money with after you die.
I have been turned down for insurance in the past. Will I qualify for mortgage protection insurance?
This depends on the reason why you had issues in the past. Of the many types of insurance, mortgage protection is one of the easier policies to qualify for. If you have been denied insurance coverage in the past, it is still worthwhile to apply for mortgage protection insurance.
How much does mortgage protection insurance cost?
There are so many factors in this answer. Mostly it depends on the amount of insurance you want, your age and your health. A licensed insurance agent can give you options that fit your needs and your budget.