Your home may be your family's largest asset. And their largest financial responsibility. A mortgage protection insurance policy can help them remain in your home after you're gone.
Read on to learn how you can help protect your house and family with mortgage protection insurance and term-life insurance.
Mortgage protection insurance
Purchase a term life insurance policy for at least the amount of your mortgage. Then, if you pass away during the "term" when the policy's in force, your loved ones receive the face value of the policy. They can use the proceeds to pay off the mortgage. Proceeds that are often tax free.
Actually, the proceeds from your policy can be used for any purpose your beneficiaries choose. If your mortgage has a low interest rate, they may want to pay off high-interest credit card debt and keep the lower-interest mortgage. Or they may want to pay for home maintenance and upkeep. Whatever they decide to do, that money will come in handy.
Use our life insurance tool to help you get an estimate of the amount of coverage you may need, and how much a mortgage life insurance quote could cost.