With the average homeownership rate close to 60%, the most significant debt for most American families is their mortgage. To avoid having to default on this tremendous financial obligation because of death and sudden loss of income, many families are turning to viable Mortgage Protection policies.
A Mortgage Protection policy pays out a preset death benefit to the beneficiaries of the coverage. This benefit varies from policy to policy and is contingent on the amount of your mortgage. Rather than paying the remaining balance, a Mortgage Protection policy can be design to pay out the full amount of your mortgage, regardless of how much is actually owed.
This means if you took out a 30-year policy for $200,000, your beneficiaries would be paid $200,000 – regardless of how much you actually owed. The difference can be applied to any cost or debt your beneficiaries desire.
Learn more about the costs and benefits of Mortgage Protection coverage by speaking to one of our dedicated agents today.
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