Hyde Insurance Group Blog
One of the largest assets you could have in your lifetime is your home. But this asset also comes with a huge financial responsibility.
Your home could also help your family members when it comes to finances in the future. Unfortunately, some uncertainties may happen in the middle of your best-made plans. Thus, homeowners should find a practical way to maintain their mortgage protection even if they're gone.
Having a life insurance policy is the best way to protect your mortgage. But take note that life insurance and mortgage protection insurance are two different types of protection that offer unique sets of coverages.
How a Life Insurance Policy Protects Your Mortgage
One of the best things about a life insurance policy is it allows you to select your desired term length and the coverage amount. This means that you can choose an option that is made to meet your family's needs.
A life insurance policy allows you to select the coverage that protects your mortgage. This means that you can select an amount that will cover your mortgage loan.
Other families may need more coverage other than mortgage protection. Some examples include your financial responsibilities, such as everyday bills, income replacement for couples, and your child's education expenses.
One of the benefits you can get from a life insurance policy is its flexibility. It allows you to avail of coverage that suits your family's needs. This will also help your family pay off your mortgage bill even if you are no longer here. Through this, you can ease their financial burden even after you're gone.
Life Insurance vs. Mortgage Life Insurance
As mentioned, life insurance and mortgage life insurance are two different plans with unique protection coverage. Your policy beneficiary will be your mortgage lender instead of your desired beneficiaries when you have mortgage life insurance.
On the other hand, a life insurance policy allows you to ensure the financial safety of your chosen beneficiaries. Beyond that, it will also help you pay off your mortgage loan while reducing your family's financial burden when you're not around.
Your mortgage is the largest asset accompanied by various financial responsibilities. Considering the flexibility of a life insurance policy, you can use it to protect your mortgage effectively.
At Hyde Insurance Group, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (888) 345-1215. You can also request a free quote by CLICKING HERE. Coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!