The Benefits of a Mortgage Life Insurance Plan

Monthly mortgage payments take a big chunk out of homeowners' incomes. The sudden loss of your life or your spouse's can leave your family unable to pay the mortgage every month. In order to protect your survivors (or yourself in the event of your spouse's death), you should consider a mortgage life insurance policy.

Most Americans have a dream of owning a home. If such a dream comes true for you, it could easily be derailed by the loss of a loved one and his or her income. Mortgage protection life insurance is designed to provide financial benefits after the insured person's death, so that your family can continue to make payments and live in the same house. There is also the option to get a policy where the death benefits match the mortgage balance at the beginning of each year. As your mortgage balance decreases, so does the death benefit.

Mortgage protection life insurance or mortgage life insurance is not the same as the type of mortgage insurance your bank will offer you. The latter is a policy you would pay for which would protect the lender should you not be able to pay your mortgage. Your own life insurance policy, on the other hand, can provide financial security for your family or survivors so that they can pay expenses, such as the mortgage, living expenses, burial costs, or educational expenses.

Mortgage life insurance gives your beneficiaries some control over their financial lives after you die. Mortgage insurance from lenders, however, gives the control to the bank; they are protecting themselves. If you truly want to protect your family (or yourself in case of your spouse's death), you will get your own mortgage life insurance or other life insurance policy. Visit Spectrum Direct for more information, or request a free life insurance quote.

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