A home is one of the biggest purchases that someone can make, so many people decide to get insurance. This mortgage protection covers them in the event that they suddenly can’t pay their mortgage. This can be due to the loss of a job, an injury, or death.
If the reason why a client can’t pay their mortgage is temporary, such as an injury, the insurance company may pay their mortgage for a short period of time. Policies vary, but some will pay for up to two years. If looking to enroll in Mortgage Protection, ask your insurance agent about what plans are available and how long their coverage would extend in a temporary scenario.
Coverage after death
Death is one of the main reasons why a mortgage protection policy is used. If the primary provider of a family dies and cannot continue mortgage payments, some policies may pay off the remainder of their mortgage.