Curious About Mortgage Protection Life Insurance
You insure for the full amount due on the mortgage and the life insurance policy pays off whatever is left to pay at the time of incapacitation or death.
If you’re married, then you’re probably going to want to get one for yourself as well as well as for your spouse.
It’ll be two policies. One per person. It would be full coverage policies that’s will to pay off that mortgage.
If you’re under the age of 71 and if the price is too high for a full coverage mortgage protection plan, you may opt for an accidental death policy that could also be used to pay off the mortgage amount with something extra left over fro your family..
How Is Principal, Interest, Taxes, Insurance (PITI) Different?
Lenders will tack on a PIPI mortgage payment policy to your home purchase to ensure they will recover their investment should something stop the mortgage payments.
Principal, interest, taxes, insurance (PITI) are the sum components of a mortgage payment. Specifically, they consist of the principal amount, loan interest, property tax, and the homeowners insurance and private mortgage insurance premiums.
This type of policy is not the same as mortgage protection life insurance.
There is ZERO benefit to you aside from the fact that it’s a requirement for you to get the loan and your home.
If you have any other questions, click the button below for a free consultation. Any other questions that you may have, we will be so glad to answer them,
If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.