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About Mortgage Protection

The premature loss of a family wage earner often means not just the loss of a regular paycheck, but also the loss of the family home. This further tragedy is avoidable with some life insurance planning, a part of which is to make sure that a home mortgage can be paid off.

What is Mortgage Protection?

Your home is often your biggest investment, but without mortgage protection, it can become your biggest debt. The premature loss of a family wage earner often means not just the loss of a regular paycheck, but also the loss of the family home.

Mortgage providers usually require you to purchase insurance guaranteeing repayment of your mortgage loan in the event of your death. By using a life insurance policy for mortgage protection instead of one offered by the mortgage lendor, you are not restricted to the exact amount of the mortgage, you own the policy not the lendor, and it goes with you to cover your next mortgage. Your family will have the funds needed to pay off the balance of your loan plus help cover any other outstanding expenses. Depending on the life insurance plan, you can choose from a variety of options including additional income at retirement.

Why Do I Need Mortgage Protection?

Whether it's a new home, rental property, or real estate, you received a mortgage because the lender felt comfortable with your income level and reputable financial situation. You are a good credit risk and the lender is fairly confident that it will receive its loan amount back plus interest. What happens if you, as the primary income producer, die? If you are in a dual-income situation, what happens if one person dies? Besides the emotional trauma, a surviving spouse could experience a significant drop in the household's level of income.

The loss of an income source can produce severe financial problems for your family that could lead to possible foreclosure. Basically, you purchase mortgage insurance so, in the event of any untimely death, funds are available to meet any outstanding mortgage balance.

Who Should I Purchase Mortage Protection From?

When you purchase insurance from a bank or mortgage company, you generally lose all ownership control. In some instances, the lending institution pre-prints its name on the beneficiary line of the policy. You pay the premiums and the lender receives the proceeds at the insured's death. Your family receives the deed to the house. On the surface, this may seem like an equitable solution, but there are several reasons why a surviving spouse may not want to remain in the home:

• The daily reminders of your loss may be too difficult for your spouse and family to handle.
• The house may simply be too big to maintain.
• Your spouse may want to move closer to friends and family.
• Your spouse may need to relocate to a better job or school area.
• It may be better at this time not to pay off the mortgage and lose the tax deduction on the interest payments. Your spouse may want to pay the mortgage to a point where he/she can comfortably handle the payments and keep the tax deduction of the interest payments.

Purchasing mortgage protection as a part of your life insurance plan allows you more options and flexibility.


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