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Without your income, they could face significant financial challenges, from paying the mortgage and daily expenses to funding education and future dreams. The loss of financial stability could force them to make drastic lifestyle changes, adding to the emotional burden of losing a loved one.
Life insurance ensures they won't have to worry about covering essential expenses like mortgage payments, daily living costs, and education. By planning ahead, you can protect your loved ones from financial hardship and allow them to focus on healing and maintaining their quality of life.
We can get to know you and what you're looking to protect.
Together, we customize a plan for your exact needs.
Relax knowing your finances and debts are protected.
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- Mortgage protection insurance is specifically designed to pay off your mortgage balance in full if you pass away during the term of the mortgage. It is directly tied to your mortgage loan and typically decreases in coverage as you pay down your mortgage principal. The benefit is paid directly to the lender to ensure the mortgage debt is settled.
- On the other hand, term life insurance provides a lump-sum payment to your chosen beneficiaries if you die within the policy’s term, regardless of mortgage obligations. This insurance offers more flexibility as the payout can be used for various financial needs beyond just paying off the mortgage, such as living expenses, education costs, or other debts. Term life insurance policies are portable and not tied to a specific mortgage, allowing coverage to continue even if you refinance or move homes.
Mortgage insurance offered through a lender is generally tied to that lender, so switching lenders may require requalifying for coverage. Term life insurance is owned by you directly, so it isn't affected by a change in lender.
Under lender-offered mortgage insurance, the lender is typically named as the beneficiary, and proceeds are applied to the outstanding mortgage balance. Under a term life insurance policy, you choose the beneficiary, and they can decide how to use the proceeds.
Mortgage insurance coverage is generally tied to your mortgage balance, so it decreases as the balance is paid down. Term life insurance coverage is typically level for the length of the term, regardless of your mortgage balance.
Yes. Some homeowners choose to combine both, while others find that one policy meets their needs. A review of your current coverage can help determine what makes the most sense for your situation.
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