MG Insurance has a new insurance offering that helps protect your family when it’s needed most. If you suffer a serious illness or become terminally ill, cards and flowers won’t pay your mortgage when you’re not working. Mortgage Protection (also known as Mortgage Life Insurance) will help you to pay off the debt on your home or give you time to sell your home. Mortgage Insurance can be purchased at any time, not just when you purchase or refinance your home.
What is Mortgage Protection Insurance?
Many people tend to look to products like Life Insurance to help them ease the financial burden when a spouse passes. Mortgage Protection is less expensive than Life Insurance and protects your family if an income earner suffers a serious illness or becomes terminally ill. Mortgage Protection Insurance (MPI), is different than Private Mortgage Insurance (PMI). PMI is required by lenders when the borrower makes a down payment of 20% or less, and its added to the mortgage payments. But unlike Mortgage Protection Insurance, private mortgage insurance protects the lender, not your family.
Protect your Largest Asset – your Home
Mortgage Protection Insurance helps to reduce one of the biggest debts a person can have – a home. Often when families get a lump sum of money from a standard life insurance policy, it is difficult to know exactly what to do with it. Mortgage Protection earmarks the money for the specific reason of paying off the debt of the home.
Mortgage protection insurance takes the guesswork out of it. Because it’s matched up to the mortgage balance, and the money will go only toward that, there’s no worrying that there won’t be enough to cover the remaining mortgage. As with other types of loans, falling behind on your mortgage payments could seriously hurt your credit, and may even lead to losing your home. If you die, your mortgage protection insurance will continue making your monthly payments until the death benefit runs out.
Why Invest in Mortgage Protection?
- Mortgage life insurance gives your family peace of mind. In the instance of an untimely death or serious illness, they will have a mortgage-free home instead of worrying about how to make payments.
- Your house will be paid for in the event of a terminal illness, disability, or your untimely death. Your mortgage life insurance will cover your home loan so your family won’t have to continue paying without your income.
- Very minimal underwriting is required for mortgage life insurance. No medical examination or blood sample is required when you start your policy. It can be a valuable insurance policy option, even if there are with serious preexisting medical conditions which affect them from buying a traditional life insurance policy.
- This coverage is versatile and can be used in the case of serious illness, not just death. If you are seriously ill or injured and unable to work, your mortgage life insurance will become active and pay off your home loan. Most traditional term or whole life insurance policies only pay if death happens during the coverage period.
Contact MG Insurance Today!
Are you interested in learning more about Mortgage Protection Insurance? You can view the flyer here or contact an agent at MG Insurance today. We can explain the options and benefits so you can decide what is the best fit for your family. Give us a call at (320) 235-9394 or contact us here.