It’s important that you have a plan in place for when you’re gone and your family can’t afford the mortgage payment anymore. A policy with enough coverage will help your family cover the costs to stay in your home despite the current circumstances with you gone. Mortgage protection insurance is similar to other types of term life insurance in its functions.
You simply purchase a policy, pay monthly premiums and then at the end of the policy term, the insurance ends. If you happen to die during the term of the insurance policy , then a death benefit will get paid out to your beneficiaries in order to pay off the mortgage. With mortgage protection insurance, the death benefit will go straight to your mortgage lender to pay off the debt. With mortgage protection insurance, terms are normally locked in to the same length as the mortgage; so either 15 years or 30 years.
If you need help with mortgage protection insurance or want to learn more, Buckalew Financial Services agents will help you find a policy that best fits your needs and your budget. We’ll make sure we find you the most affordable option that provides optimal protection so that your loved ones aren’t left without a roof over their heads once you die.
Obtain your free mortgage protection insurance quote by filling out the form at the bottom of this page. Or, if you prefer to talk with an agent, call us on our toll-free number. We have a team of highly-skilled mortgage protection insurance specialists ready to help you create a plan at a price you can afford and with the coverage your beneficiaries will appreciate.
*Note that not all benefits are available in every state and it’s best to speak with an agent for more details.