Symmetry Financial Group: What is the Value of Mortgage Life Insurance?
It’s the place where you live and maybe even work, as well as the shelter that provides comfort and security for your family. But, unfortunately, as is the case for many Americans, you could be just a few paychecks away from losing your home if something were to ever happen to you that prevented you from paying your home mortgage.
Luckily, this problem has a solution in the form of mortgage life insurance.
What is mortgage life insurance and how does it work?
Mortgage life insurance, is a life insurance policy that will kick in and pay your mortgage in case you become unable to do so.
Mortgage life insurance is different from homeowner’s insurance, which protects the furniture and items inside your home in case of incidents such as fire of theft. In contrast, mortgage life insurance protects the inhabitants of your home in the event that the primary breadwinner should become unable to make monthly mortgage payments.
The best ways for a homeowner to have peace of mind and to know that their investment in their home, as well as their family and loved ones, are protected from ever losing that home in case the mortgage payments cannot be made.
Mortgage life insurance is a type of term life insurance that’s ideal for homeowners and provides an easy and affordable way to ensure protection for your family in the event that the family’s primary breadwinner becomes unable to pay the mortgage due to such unforeseen circumstances as death, Mortgage life insurance also provides the additional protection of a regular life insurance policy that will provide financial relief for your family in case the family breadwinner should face an untimely death.
Mortgage life insurance works much like most term life insurance plans, but the coverage period is typically set up to equal the length of your remaining mortgage term. This type of insurance ensures that the remainder of your mortgage payments will be made in the event that you pass away or become unable to pay the mortgage while the policy is in force. This means that you can get a good night’s sleep knowing that your mortgage life policy will provide financial relief for your spouse, partner, children, family members, or other inhabitants of your home that may depend on you to cover the mortgage payments. It is an assurance that your loved ones will not have to worry about losing your home if you should become unable to pay the mortgage.
Why should I consider mortgage life insurance?
Mortgage life insurance has many advantages and is one of the most popular types of insurance policies among consumers, particularly those that have limited budgets. In fact, monthly premiums for mortgage life insurance may start as low as $20 monthly.
It’s also easy to purchase mortgage life insurance. Most applicants will not be required to undergo a medical exam in order to qualify for coverage, which makes the enrollment process simple, and qualification for the policy is easy.
By purchasing your mortgage life insurance policy from a Symmetry Financial Group agent, you can be sure you’re getting the best deal on the market and the most suitable for you, because Symmetry Financial Group agents have access to over 30 of the nation’s top-tier insurance carriers. This means they do the shopping around for you, to make sure you get the best policy at the best price.
Are there any disadvantages to mortgage life insurance?
The only real disadvantage of mortgage life insurance is that the policy term is typically set to the number of years you have left to pay off your mortgage. So the policy only offers protection for your remaining mortgage term. To get around this, once your mortgage is paid off, you may purchase a new life insurance policy to protect your family or loved ones. Some new policies offer more flexible term options that allow you to customize your policy even further and get more benefits from your coverage.
How can I customize my life insurance policy?
To modify a policy, your Symmetry Financial Group agent can recommend add-on riders. These rides provide additional benefits that can be added on to your mortgage life insurance policy such as critical illness or disability riders. These riders mean that you mortgage protection policy would kick in not only in the event of your untimely death, but also If you were to become afflicted and diagnosed with a critical illness or experience an accident or injury resulting in disability. These customized riders would help you by paying your mortgage if any of these occurrences were to happen and present circumstances that affect your income and prevent you from being able to cover your mortgage payments.
Another optional rider that you may consider adding to your mortgage protection policy is a return of premium rider. This benefit means that the insurance carrier would refund your insurance premiums at the end of the policy term if you have paid all your premiums and did not end up using your mortgage life insurance policy before the term’s end.
To learn more about customizing your mortgage life insurance policy with specific riders, contact a Symmetry Financial Group agent in your area.
How can I purchase mortgage life insurance?
Purchasing mortgage life insurance through a Symmetry Financial Group agent is simple and quick. You will most likely not have to undergo a medical exam in order to purchase this type of insurance. Your Symmetry agent will shop around among the nation’s top insurance carriers to find the most suitable and affordable plan for you. Your Symmetry Financial agent will explain all of your options and recommend the best policy for your circumstances. You can even purchase the plan from the comfort of your own home or office by using Symmetry’s video conferencing feature.
Is it worth it?
Yes! Knowing that your mortgage payments will be covered in the event of a tragedy or financial emergency will provide you and your loved ones with peace of mind, while ensuring that your loved ones face no unnecessary financial burdens and are able to stay in their home if anything unforeseen happens. It also means there’s no danger of losing the investment that you’ve already made into your home as long as your premiums are paid.
If you want to find out more about mortgage life insurance, your best bet is to request a quote from a Symmetry Financial Group agent as soon as possible, so you can begin to protect your home and loved ones right away.
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