People buy a home for a variety of reasons. Some of them are related to finances and some of them are based on emotion. For instance, there are people who would rather buy a house instead of “throwing their money away” on rent. That’s because, unlike rent, mortgage payments are fixed and won’t go up when a landlord feels like it. For others, home ownership means freedom. After all, if you own the place, you can paint the walls whatever color you want!
Where some see freedom, others see stability. Remaining in the same neighborhood for several years can make you feel like you’re part of a community where your family can build long-lasting relationships. Still others view owning a home as an investment in their future – one that’s not quite as risky as the stock market and will appreciate over time.
As you can see, owning a home represents so many different things to different families. There’s a lot of meaning, memories and emotion attached to it. Whatever your reasons, your home is most likely the biggest purchase you’ll make. That makes it both your biggest asset and your biggest expense.
Approximately seven out of ten U.S. households are dependent on two incomes to make ends meet. What would happen to your family if you suddenly lost one income? Would they be able to continue living in the home you bought?
What if there were steps you could take now to guarantee that your family could continue to stay in the home they love. So, even in the midst of tragedy, your loved ones wouldn’t have to uproot their lives, pull the kids out of school and move.
Mortgage protection insurance can provide you and your loved ones with financial security and peace of mind. It’s a kind of term life insurance policy that’s customized to protect your biggest assets in the event of your passing. You can get a plan that’s guaranteed to pay out the original amount of your mortgage so your family can pay off the loan. For example, if your mortgage was for $200,000, you’ll receive the full $200,000. Even if you have ten years left on the loan and you only owe $60,000, you’ll receive $200,000. The payment goes directly to your loved ones, so if there’s money left over, they can use it to pay for college, car expenses and anything else they need.
You can also get a bigger policy with a shorter, 20-year term for a significant cost savings. It offers maximum protection during those years when you’re starting out and your mortgage balance is high. After 20 years, it begins to pay out less money – enough to cover your remaining, dwindling mortgage. No matter which policy you decide is right for you, the money is tax-free. It can provide a true moment of financial peace when your family really needs it.
Unlike other kinds of insurance, there’s usually no physical exam, so it can be easier to get. Another way it makes good financial sense: If you don’t end up using it, you can get all of your payments back at the end of the term.
Want to learn more about the advantages of mortgage protection insurance? Call one of our agents today to see if this plan is right for you and your family!