Home ownership is the single biggest investment most people will ever make and with it comes the largest debt most people will ever incur. This could be the biggest burden to your family if it is not properly protected.
Mortgage Protection life insurance can provide benefits for your family to pay-off the outstanding mortgage balance or provide income for future payments. It can make the difference in your family keeping their home or losing it.
When mortgage protection is being considered, two financial concerns should be addressed, death and disability. Today there are mortgage protection life insurance products in the marketplace offering a death benefit along with a disability rider.
The main reason for purchasing a mortgage protection plan is, of course, the Mortgage Life component. Your policy will provide survivors with a tax-free benefit to pay off your mortgage and possibly cover some final expenses. This coverage is available for all members of your family, including children - even if their names aren't on the mortgage.
Choosing your coverage will depend on your specific needs, desires and circumstances. If you want more information on the coverage options, call a benefits specialist at Silas Chapman & Company for a quick no obligation quote and get the answer and the price you're looking for.