What is Mortgage Protection Insurance?

There is no denying the fact that your home is one of the biggest investments you will ever make. For this reason, you want to ensure that it is kept safe in the event of your death.

This is why so many people opt to purchase mortgage protection insurance. With this policy in place, your family is guaranteed a tax-free payout if you pass on. This money can then be used to make mortgage payments.

Here are some of the things you need to know about this type of coverage:

•    Policy terms are typically available for 15 and 30 years.
•    You can choose coverage based on how much you owe on your mortgage. Furthermore, most companies give you the opportunity to adjust your coverage after a certain period of time, such as five years.
•    Premiums are scheduled to remain the same for the entire policy.

Whether or not you purchase mortgage protection insurance is up to you. Although you may decide against this coverage, it’s something to at least consider. With this in place, you can rest easy, knowing that your family home will always be safe and secure from a financial point of view.

What are your thoughts on mortgage protection insurance? Do you have this coverage? Have you decided against it?