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Mortgage Protection Insurance

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Mortgage Protection Insurance Provided By Our Agency

A mortgage is not just a financial obligation; it's a long-term investment in your future and the security of your loved ones. So if something were to happen to you, it's important to have the plan to ensure that your beneficiaries can keep the home and continue making payments without worrying about losing it. By securing your mortgage with the right insurance and setting up a clear plan for your loved ones to follow, you can help provide peace of mind and financial stability for generations to come.

What is Mortgage Protection Insurance ?

Mortgage Protection is a type of life insurance policy designed to protect the consumer from losing the home incase of death, disability, or illness by either covering mortgage payments for a certain period of time or paying out a lump sum to cover the entire mortgage.

What are the benefits of Mortgage Protection Insurance ?

It is not Guaranteed acceptance. Still have to qualify. Benefit's are that the family gets to keep the home indefinitely or at least is able to continue making mortgage and property tax payments while planning to sell. Children get to stay in the same neighborhood, keep the same friends, and stay in the same school system. There are many different ways to protect the mortgage, either term, cash back, or permanent life insurance policies can be used. The approach we take is much better than what is offered through the lender. Typically lenders offer credit life, which is much more expensive, however it's guaranteed issuance and you do not have to qualify with a health check. Downside is that the value proposition is not worth it. Very expensive and the benefits are not very good.

Why do you need Mortgage Protection Insurance?

Imagine the worst case scenario. A fatal accident today would force your loved ones to immediately experience financial hardship. On top of your final expenses, the mortgage is due, but your family has no way to pay it without your income. They haven’t even had enough time to grieve and now they have to deal with the impending tragedy of foreclosure.

Like most life insurance, mortgage protection insurance eases the financial burden of your loved ones. It is an affordable way of ensuring that your home is paid for no matter the circumstances. Cancer, stroke, heart attack, injury, death… your family will never be in jeopardy of losing its home as long as you put a custom mortgage protection insurance plan in place.

Importance of Mortgage Protection Insurance

It's important to understand that the bank may repossess your home if you cannot make mortgage payments or pass away without the proper insurance in place. This can have devastating consequences for your loved ones, as they may be forced to find alternative living arrangements or face financial hardship. To avoid this scenario, it's crucial to plan and consider options such as mortgage insurance or making additional arrangements to cover your mortgage payments in case of unexpected circumstances.

Already have Mortgage Protection Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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Community Life Agency

We extend coverage to individuals and businesses in Allen Park, MI and surrounding areas.
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