Home Mortgage Protection

Your home is likely your family’s most valuable asset. How would they carry on if you or your spouse were gone? Could they afford to stay in the family home? Home Mortgage Protection insurance is designed to relieve the enormous financial burden placed on your family by paying off your home mortgage in the event of death.

It used to be you had to do this through your lender. You paid the premium, but the lender owned the policy and was the beneficiary. Coverage was not transferable, so if you sold and moved you had to get a new policy at an older age and higher costs. To make things worse, the value of the policy would drop every year while your premium remained the same. In the event of death, all your family ever received was the title to your home. Lastly, if you outlived the policy they never gave you any money back.

Today people handle their Home Mortgage Protection directly. You own the policy, and you choose the beneficiary. You’ll have coverage that stays with you, no matter where you move, therefore locking in your coverage and low rates. Your premium will remain level throughout the policy term and so will the tax-free death benefit. In the event of death your family will be paid directly and have the necessary funds to pay off the home. You also have the option of getting all of your money back if you never use the policy!

Yes, you can enjoy the peace of mind that your loved ones are financially protected through all those years, and if the policy is never used the company will return 100% of all premiums paid. This is called the Return of Premium option. Be sure to ask about Return of Premium because it represents a net cost of ZERO!

Example: John and Jane pay $85/month in combined premium, or $1,020/year for two individual policies. In thirty years John and Jane will have paid $30,600 in total premium. If they selected the Return of Premium option, the insurance company will return $30,600 tax-free to John and Jane at the end of their term period, assuming the policies are never used.

Nobody expects to die tomorrow, but you can be prepared by protecting yourself and your loved ones today. Give us a call, or request a quote online today.