Mortgage Protection Insurance in Erie, PA and Girard, PA
Before owning a home, you may not have realized just how many insurance options are out there. It can be overwhelming to know which policies you need, which are optional and which will benefit you the most. Mark Bruns Agency is here to help. One type of policy you may want to consider is mortgage protection insurance.
What Is Mortgage Protection Insurance?
Mortgage protection insurance (also known as mortgage life insurance and mortgage protection life insurance) is a policy that helps pay off your mortgage when you die. Mortgage protection insurance can be beneficial because it aligns exactly with your mortgage balance and pays the lender directly. Coverage also does not depend on the results of a medical exam, which can be the case for some life insurance policies. Mortgage life insurance makes the most sense for people with health conditions that could make life insurance overly expensive or if their main goal is to ensure that their home loan is paid off in the event of their death.
Is Mortgage Protection and Term Life Insurance the Same?
Mortgage protection insurance is not the same thing as term life insurance. Term life insurance allows you to choose your coverage amount and policy length and provides a death benefit to beneficiaries. Plus, the payout can be used for any purpose. On the other hand, mortgage protection insurance pays your lender directly instead of your beneficiaries, only covers your mortgage and ends once your mortgage is paid up.
How Much Is Mortgage Protection Insurance?
The amount you’ll pay for mortgage protection insurance varies depending on a few factors, including:
- How many years remain on your mortgage
- The current balance of your mortgage
How Do I Get Mortgage Protection Insurance?
- The amount of coverage you want
If you are interested in getting mortgage protection insurance, contact Mark Bruns Agency. We can help you determine if mortgage protection insurance is right for you.