Mortgage Life Insurance Information
Category : Insurance
I’m at that point in my life where I have a family. My wife works from home as this allows her to be closer to our children and her income has become a “nice to have” instead of a necessity. With that transition its been important for us to figure out our insurance and life insurance situations so that in case of some devastating tragedy was to take me away from this wonderful world of existence my family would be taken care of.
Now days there are a million different insurance packages to pick from and many times individuals will ask “What do I need for my family?” One option that I’ve found very interesting is Mortgage Life Insurance.
Mortgage Life Insurance
So what is mortgage life insurance? Mortgage Life insurance is insurance that liquidates the mortgage on a home so that an individual can leave a property with no mortgage to their beneficiaries after they’ve passed away. Its like the car insurance option that pays your loan if you happen to total your car. A Mortgage Life Insurance policy can very from each carrier and its expenses and costs can be based on not only your health and living conditions but also on the value of your home. I imagine individuals with mortgage life insurance polices will be people with expensive homes that they don’t want their family to have to worry about after they die. The second half of that description fits me but unfortunately I don’t live in a big giant home.
If you’re looking for this type of insurance there are a number of companies that pay significantly for mortgage life insurance leads so finding information about the options available to you should be readily available. Like all insurance options its beneficial to shop around and find out the plan and policy that will work best for you. Don’t settle for a mortgage life insurance plan that doesn’t make sense.
Do the math before you purchase any insurance policy. You may be surprised at how fast your mortgage can be paid off if you were putting the money you’re planning on buying Life Insurance for your mortgage towards your monthly mortgage payment. Each extra payment will reduce the amount of interest you pay and reduce the number of payments you have to make. You should also look at the Mortgage Life Insurance Rates for you and your home and see if everything ads up. You don’t want to pay the entire value of your home over the mortgage period if you don’t ever need to use the plan. Be positive about life and view a life insurance plan for your home as a “good fit” if the math makes sense.
Get a Mortgage Life Insurance Quote
Like all insurance policies you can ask providers for a Mortgage Life Insurance Quote. Doing so will give you a significant understanding of the different way policies and payments will work and what the impact will be on you each month, and the impact and hassle it may be to your family when they need the insurance most. If companies are effective at taking your money, they hopefully are effective at getting it back to your family when they need it most. Paying for insurance can always be frustrating so be sure that the company you work with makes the process as easy as possible. Mortgage Life Insurance Quotes should work very similar to every other insurance quote process.
Your Mortgage Lender and Insurance
Many mortgage companies will offer life insurance on the mortgage you have with them. Using them may be easier than finding a third party provider but they do have some draw backs. Morgage Life Insurance Companies that hold your mortgage and offer insurance will often only offer insurance for the home they hold the mortgage for. So, if you move, the insurance no longer applies and you’ll need to find a new carrier for your next home. Because of this many individuals often seek just to utilize Personal Life Insurance.
Benefits of Life Insurance over Mortgage Life Insurance
Below are a few benefits for having a standard life insurance policy over Mortgage Life Insurance:
Beneficiary decide what to do with the money. They can pay off the mortgage, some of the mortgage, or use the money for monthly expenses.
It can cover individuals who are not part of your mortgage or living with you. You may want to offer life insurance benefits to your children.
It allows beneficiary more control over the benefits they receive
Be sure to check out all of our articles and information about Insurance on this site and the articles we link to as they may contain just the information you’re looking for. Let us know in the comments your thoughts and experiences with life Insurance, mortgage life insurance, and the options available to all of us.