Your home may be one of the biggest investments you’ll ever make, and your family probably depends on your income to help make the mortgage payments. So in the event of your death, your loved ones might struggle to keep the home. You can help prevent that from happening. Take an important step now to help protect your home and family with a Mortgage Life insurance.
How it Works
A mortgage term life insurance policy helps guarantee your loved ones a tax-free benefit in the event of your death — funds they can use to help with mortgage payments.
- Policy terms are available for 15 or 30 years.
- Premiums can be paid monthly, quarterly, semi-annually, or annually.
- You can choose the coverage you need based on your mortgage balance. After the first five years, the death benefit, which is intended to behave like your mortgage, decreases over the life of the policy, but will never be less than 20% of the original face amount of insurance.
- Premiums are scheduled to be level for the life of the policy. Your premiums may be raised or lowered after you have had the policy for five years, but they will never exceed the maximum premiums stated in the policy.
- No matter how large your death benefit, it passes to your beneficiaries generally income tax-free
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