As you get older and look into retirement, you might be wondering what will happen to your mortgage payment and home when you are no longer working? It’s a concern for many. After all, you’ve worked hard to have the home of your dreams and ensuring that you can afford it after you go into retirement or die is important. For the majority of homeowners, their mortgage is the largest source of personal debt.
Stop worrying about what will happen to your home in the event of your death with the help of mortgage protection insurance (or MPI). This is a type of specialized life insurance offered by Buckalew Financial Services, which is designed to pay off mortgage debt after you pass on. Your family will be protected for a limited amount of time, which is usually the length of your home’s mortgage term. So if the primary income earner with the coverage passes during the home’s mortgage term, then a death benefit will be paid to the family. These funds can then be used to pay off the balance of the home’s mortgage.
Obtaining mortgage protection insurance is another way to ensure that your family is taken care of once you die. It’s a smart investment for those who want to make sure that their loved ones aren’t displaced in the event that they die. However, customers can also opt to receive a full premium refund if they do not die within the term of the insurance policy.