Mortgage Life Insurance


If something were to happen to the primary provider of your family, how would your family pay the mortgage and other bills? Would you be forced to sell your home? If something were to happen to the primary provider of your family, how would your family pay the mortgage and other bills?  Would you be forced to sell your home? Or tap into your retirement savings to make ends meet? It’s not easy to think about, but it is something that we can be prepared for.

Mortgage Life Insurance, often referred to as Mortgage Protection Insurance (MPI), is a policy that will pay off your mortgage in the event that the homeowner passes away or is unable to work. For most families, your mortgage payment makes up a large portion of your monthly budget. That, in addition with other bills and financial responsibilities, could prove to be very difficult to afford for the rest of your family to continue living in the home. MPI, can ensure that your family can still maintain what’s likely your biggest financial asset. Below we have more information about MPI from Colonial’s insurance affiliate, Colonial Life Insurance Company of Texas:

Protection

  • Initial guaranteed level premium durations of 10, 15 and 20 years are available
  • 30-year terms are also available with guaranteed level premiums for 20 years
  • The death benefit remains the same throughout the life of the policy
  • You can designate proceeds to pay your mortgage or provide additional funds for income replacement, debt repayment or other personal family needs

Guarantees:

  • If you pay off your mortgage early, you can keep the coverage until the term of the policy expires
  • Once in place, your policy will not be canceled due to changes in health or employment as long as premiums are paid on time
  • Coverage provided under the policy is guaranteed to renew until age 95, with annual premium increases
  • Your policy may be converted to a whole life policy, while in place and before you turn 70 years old without providing evidence of insurability

Optional coverage available on term life products:

  • Accidental death benefit
    • Pays an extra benefit if death is from accidental injury
  • Waiver of premium
    • Pays your policy premiums for you if you become disabled
  • Child insurance rider
    • Economical protection for your children

If you own a home or are buying one in the future, Mortgage Life Insurance is something that you should strongly consider. Insurance is the cornerstone to any sound financial plan. It’s crucial to cover the things that matter most. Visit GoColonial.com to get a quote today, or contact us today to speak with one of our talented professionals at 817.390.2350.

 

 

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