An Insurance Policy Every Homeowner Should Have
If you have a mortgage, you need to give consideration to having mortgage protection insurance. This type of insurance can be beneficial to anyone paying on a mortgage as well as family members that are living in your home.
Protection in the case of death
You may already have life insurance, and for anyone with a family, this is a good type of insurance to have. However, life insurance pays a lump sum to the beneficiary. With mortgage protection, the balance of the mortgage is automatically paid off in the event of your death. Providing a home for your loved ones after your unexpected death is a great gift to leave your family. There will be no need to worry about making a monthly payment
Protection against disability
One of the reasons that many people lose their homes is because of a medical disability. Perhaps you experience an injury around the home or a car accident. You are not able to work during your recovery, but the mortgage payments are still due each month. This type of insurance will pay your mortgage, so you don’t have to worry about losing your home at a time when you are trying to regain your health and get back to work.
An easy type of insurance to get
The same person who finds roadblocks to getting a good life insurance policy or disability insurance will find that this type of mortgage insurance is much easier. In fact, it is rare for anyone with a mortgage to be turned down.
You will sleep well at night
Once you have a policy, you can rest peacefully, and not have to worry about what will happen to your home if something happens to you. Nor will you need to think about your family losing their home.
This type of insurance can be found online and purchased online as well. There are many good companies that offer this type of insurance and at competitive rates. It pays to shop around. One example of this can be found at http://www.mortgageprotection.com/. This is also a good place to find more information about coverage for your mortgage.