UG Insurance Brokerage Inc Blog
Mortgage protection insurance pays for your loan if you suddenly pass away. It is a type of life insurance. Mortgage insurance can spare your family from the hardship of paying the mortgage with one income after your passing.
How The Insurance Policy Works
Mortgage protection insurance is similar to term life insurance. Your mortgage is covered as you pay a certain amount for the duration of the insurance policy. But after the term ends, the coverage also ends. Most insurance companies will issue policies that are the same duration as the term of the mortgage you are protecting.
Who pays for your mortgage?
If you passed away within the coverage period, the insurance company would pay for the loan that you will leave behind. Your loved ones will not receive money from the policy, but the policy will pay for your loan. So, if you have a housing loan, they will not have to worry about housing payments.
Advantages And Disadvantages Of Mortgage Protection Insurance
These are the benefits of mortgage protection insurance. Keep these in mind if you want to obtain the policy.
These are the disadvantages of mortgage protection insurance. Keep this in mind because you will be spending money paying for the premium.
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 out. 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.