Do You Need Mortgage Protection Insurance?

Do You Need Mortgage Protection Insurance?

There are a lot of misconceptions and misunderstandings surrounding mortgage protection insurance in Roseville, CA. Separate from your homeowners insurance policy, mortgage protection insurance is better viewed through the lens of a disability insurance policy. Mortgage protection insurance guards against home loss in the event of the mortgage holder falling ill, becoming injured, becoming disabled, or losing their life throughout the term of their Roseville, CA home loan. If the mortgage holder passes away before the mortgage is paid, it’s the mortgage protection insurance that can step in and pay off the mortgage so the responsibility does not fall on family or loved ones.

 

When one accepts a mortgage, they accept a financial responsibility that spans decades. The average mortgage lasts for 30 years, and no one can possibly know for sure what the next 30 years may hold. While in an ideal world every mortgage holder in Roseville, CA will stay healthy and safe throughout the duration of their mortgage, this isn’t always the case. Mortgage protection insurance steps in to provide that extra layer of protection.

 

The Benefits Of Mortgage Protection Insurance

 

Mortgage protection insurance comes along with a number of benefits. Some benefits of these insurance policies include:

 

  • Guaranteed acceptance insurance – Mortgage protection insurance is typically a guaranteed acceptance insurance, and this means that mortgage holders don’t need to be worried about being denied a policy due to pre existing or prior health conditions. This can be a big benefit to those with pre existing conditions who may be denied for other policies, as they know their mortgage is taken care of in the event of their death or disability.

 

  • They help first time homebuyers – Having mortgage protection insurance can help first time homebuyers to qualify for a mortgage if they don’t have a whole lot to offer for a down payment. The mortgage protection insurance tells the mortgage lender that the loan is taken care of should anything happen to the individual taking out the loan.

 

  • You don’t have to have it for the entirety of your mortgage – Unlike homeowners insurance, home owners don’t need to keep mortgage protection insurance for the entire duration of their loan. Once the loan has been paid at least 78%, or the home’s value has increased to reach 20% equity, the mortgage protection insurance policy may be dropped.

 

  • Simple peace of mind – No person knows what the years may have in store, and one accident can lead a person to life changing disability. With mortgage protection insurance, you can rest assured that your Roseville, CA home and family are protected.

 

 

Finding The Policy You Need

 

For homeowners of the region, mortgage protection insurance can be a huge benefit in a variety of ways. If you’re looking for the right policy for you and your family, help from a professional insurance agent can give you just what you need. Contact us at https://asurea.com to see what our professional agents can do for you and your family today.

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