For most homeowners, the mortgage is the single largest source of personal debt. Mortgage protection insurance is a specialized life insurance policy that is designed to pay off that debt in the event of your death.
Typically, payments are fixed for the length of the mortgage term. If the covered primary income earner dies during the term, a death benefit can be paid to the surviving family members, who can then use the funds to pay off the balance of the mortgage.
Mortgage protection is not generally used for estate planning needs or charitable giving strategies but for pure income replacement needs for an individual.
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To learn more about how a custom mortgage protection insurance could ease the financial burden of your loved ones in a worst case scenario.
Please feel free to call us at 401.821.7330 or contact us by email for a free evaluation and quote.