Taking care of your family usually means providing them with a comfortable home. Of course, this also means providing them with financial security in the event of the unexpected. If you have financed your home with a mortgage, you and your family will need the best mortgage life insurance available today.
A home is a major investment and the mortgage has to be paid monthly no matter what unfortunate circumstances occur. One of the wisest things you can do is purchase mortgage life insurance, which pays off the outstanding mortgage loan in the event of the policy holder’s death. In general, mortgage life insurance comes in two basic varieties, bank creditor insurance and life insurance through an insurance company.
With bank creditor insurance the policy ensures the bank is paid out. Bank creditor insurance policies are often post underwritten. What this means is you are only asked a few simple questions during the application process and then when there is a death, the bank will start to investigate your medical records to ensure you have answered the short questions they asked you (when you were living) were answered correctly. They may very well decide you were not covered and the mortgage is not paid out leaving the grieving family with a huge mortgage.
Top financial planners agree that the best mortgage life insurance can be purchased through a licensed insurance broker. These policies are underwritten at the time of application and are either approved or not. Once approved YOU ARE COVERED, the policy payment on death is paid out to the beneficiary of your choosing and the funds can be used to pay out the mortgage or not. The family may decide to continue paying the monthly payments. These policies are usually less expensive too!
Death is an uncomfortable topic for many people, but planning for this eventuality is important to guarantee your family’s well-being. Indeed, choosing the best mortgage life insurance for your home is an important step to towards it.
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