If you are like most people – your home is your largest asset and liability. Most people owe more on their home mortgage than on any other asset.
Mortgage insurance is simply insurance that in the event of a premature death would pay off the mortgage balance on your home, so that your loved ones would not have to worry about the unpaid mortgage balance.
Next Generation of Policies…
In days past, as the mortgage balance went down so did the amount of insurance – Decreasing Term Insurance.
Now it makes more sense to purchase a mortgage life insurance policy that has a fixed benefit amount for the life of the term. Term insurance is normally less expensive than whole life insurance AND in the event of the premature death of the insured, monies would be available not only to pay off the mortgage but to pay other bills, as well.
Another perk of some of today’s type of policies is the “Return of Premium” benefit. If you keep the policy for the full term and do not use the policy, then every penny you paid in premiums over the years will be returned to you tax free.
For more on this type of policy please call..
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