Mortgage Protection Insurance

In the past I’ve discussed the importance of life insurance, and how it could help protect your family’s assets when you are no longer here. This type of policy works for many people, but what if you only want to make sure that your biggest liability- your home- is paid off should you die?

In that situation, you may want to take a look at mortgage protection insurance. It covers only the remaining balance on your mortgage when you die, but it also is typically cheaper than a more-encompassing life insurance policy. Many of these policies have some or all the following features: no medical exam, accelerated payments if you have a terminal illness, lump sum or monthly payouts, and a refund of all the money you paid into the policy if it expires before you do. If you can get it, I find that refund feature to be of great value, as I certainly wouldn’t want to pay on something and get no return on it in the end.

I look at all types of insurance as affording a peace of mind. I’m a worrier by nature, so it’s something I’d feel naked without. If you’re currently without insurance or think your current policies might be inadequate, I’d suggest at least getting a few quotes to see if the expense is worth the benefits you’ll receive.

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This post was sponsored by NAA Life