4 Mortgage Protection Insurance Myths Debunked

​Purchasing a new house is a big milestone in one’s life; it’s also expensive. Good thing mortgages are accessible and available, and alongside this is mortgage insurance which UG Insurance Brokerage Inc provides. 

However, existing myths online probably make it hard for you to understand mortgage protection completely. So, get your facts straight, as this article debunks the most common mortgage insurance myths. 

Myth 1: Too Young To Worry About Mortgage Protection
There’s no such thing as being too young when purchasing mortgage insurance. Great security should give you comfort, especially when acknowledging that life’s uncertain and you’re not young forever. 

Also, insurance should be way cheaper for young, fit, and healthy people. So it’s the best time to get covered. But mortgage insurance policies are generally way more affordable than other coverages. 

Myth 2: It Is The Same With Life Insurance
You must remember that mortgage insurance coverages pay off your mortgage if something unfortunate happens to you. Whereas life insurance covers and benefits your beneficiary a sum of money if you die. 

That said, mortgage life insurance covers home buyers and should be the best option if you don’t qualify for life insurance policies. 

Myth 3: There is No Policy Option With Mortgage Insurance
Like any other insurance, mortgage insurance also offers various policies and coverages. Some solely pay off mortgages, while others offer mortgage company protection. Premium rates also vary for each policy. 

Moreover, you might consider checking each section if you want your family covered in your sudden death. There are different coverage conditions for such policies. To be sure, contact your UG Insurance Brokerage Inc agent. 

Myth 4: Mortgage Insurance’s Beneficiaries Are Your Dependents
Completely false. Though some might benefit your dependents, mortgage insurance’s main goal is to cover your mortgage. So this type of insurance will pay the mortgage company in your sudden unfortunate death, not your beneficiaries. 

Conclusion
Most articles have yet to debunk countless myths about mortgage insurance. So, if you’re curious, the best thing you could do is to reach out to your insurer. Don’t get easily swayed by the information you read from unverified sources. 

Always keep your facts straight. 

At UG Insurance Brokerage Inc, 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. Learn more about our products and services by calling our agency at (718) 848-7777. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!