Mortgage Protection is a life insurance plan designed to pay-off a home loan in the case of a pre-mature death. Mortgage Protection is often the best way to ensure that a spouse or family would not have to move or be under a financial hardship if an income-producing member of the family passed away. Typically Mortgage Protection pays a tax-free benefit, has a fixed premium, and has level coverage. Beneficiaries can decide how to use funds and the policy is portable, so coverage is tied to the insured and not to any particular property. Inexpensive term life coverage is often the most common and practical way to secure mortgage protection. Young families especially can benefit from a mortgage protection plan due to the low cost and ease of qualifying, however seniors may also be interested in mortgage protection, especially for the simple reason that a deceased spouse can create a loss of income that would have otherwise be applied toward a mortgage. Mortgage protection does not have to pay the full amount of a home loan, but may provide enough benefit to allow for a surviving spouse to remain in a home without a financial burden.
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