What is Mortgage Protection Insurance​?

Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage. So, if you take out a mortgage over 20 years, your mortgage protection insurance would also be in place for 20 years.

"But I already have PMI.  Isn't that the same?"

PMI or private mortgage insurance protects the bank/lender in the event you should pass away or became disabled and were no longer able to pay your mortgage.  The bank/lender would be made whole, but your family could still be foreclosed on if they were unable to pay the mortgage.  PMI protects the bank, NOT you!   

Mortgage protection insurance, however, protects you and your family in the even that you should pass away or become disabled and were no longer able to pay your mortgage.  It is there to protect your family and ensure that they will have a roof over their head by paying the mortgage in full and reducing the financial burden left by an untimely death. 

Benefits of Mortgage Protection Insurance

  • Very high acceptance rates. There are very few reasons why an insurance provider would turn you down for mortgage protection insurance. While many people are counting on their life or disability insurance to cover these costs, some people have trouble getting life insurance because of their age or pre-existing medical conditions. If you’re in this scenario, then mortgage protection insurance can be your best option to protect your family’s standard of living.
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  • Peace of mind. As with any insurance policy, you never really know if you will ever use the insurance. But the safety net of insurance provides peace of mind. Some people go to work every day wondering what will happen to their home if they lose their job or become disabled. With the right mortgage protection insurance, you don’t have to stress and you’ll know that your payments will be made.

Contact us to learn more about the right plan for you and your family!

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Life Insurance:

(843) 737-2457
134 E. Richardson Ave.
Summerville, SC 29483
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