What is Mortgage Protection?
Mortgage protection is a term life life insurance policy that pays off your mortgage. It’s a fixed/locked policy that lasts for 10-30 years and it will pay that mortgage off, upon your death. Mortgage Protection Life insurance provides a sense of peace knowing that if you die your family will be protected and your mortgage will be paid off. We at Protect With Insurance will do our best to ensure you get the best Life insurance available. Our goal is to find the best coverage with the best price possible to meet your budget and needs.
Is Unemployment Covered?
Most mortgage protection policies do not cover unemployment. However, many of them will (not all of them because they’re not all created equal) have beneficial unemployment riders, such as… If you are unemployed, outside of your own control, you are not responsible for making the premium payments for your policy during that time. You need to know about this, and your agent needs to tell you if this is a built-in benefit. The reason this is so important, is, if you become unemployed your premium payment will be paid by your life insurance company. They pay themselves and you do NOT have to pay them back. The bill is getting paid- by them. It’s a strange concept. But, when people are out of work, this is hugely helpful. Especially now during the coronavirus pandemic. Knowing that your premium will be covered even though you are unemployed will help relieve your stress during these trying times.
If you have Mortgage Protection questions, regarding unemployment, disability, or other related topics- please contact us for a free consultation. Otherwise, if you are looking for more information on affordable Life Insurance please don’t hesitate to contact us. You can reach us directly at (928) 323-0933.