Rigel Hines and Associates Blog
With all the available options for home protection, the most challenging is mortgage protection insurance coverage. You might wonder about the amount of money you need, the exact time when you should buy it, and the length of time you’ll need it. Here are five things you need to know when purchasing mortgage protection insurance.
Find the Exact Amount of Coverage for Your Needs
Mortgage protection insurance is a kind of term life insurance that you can use to pay off the mortgage even if you become disabled or dead. The mortgage protection insurance coverage will guarantee that your family can stay in your home. They can do so even though you cannot make your mortgage payments anymore. To determine how much your premium will be, know how long you plan to pay the policy. Determine your other expenses are relative to your annual salary.
Choose a Term Length
You should go for a term length that should match the period of time you're planning to settle your mortgage. Your mortgage protection insurance coverage should take effect as long as you're making your mortgage payments. Mortgage protection term length goes from a minimum of 10 years up to a maximum of 30 years. The most important thing is that the term length should match your mortgage term.
Add Policy Riders If Possible
Before signing a policy, you may consider choosing a package where there's a return of premium option. If you do so, you can have a full refund in case you don't end up using the policy. Mortgage protection insurance is very affordable. You can also easily customize it to suit your needs. However, in order to make better use of your policy, you may consider also getting a critical illness rider.
Find the Right Price
Contact a licensed agent that can offer you a number of policy choices for you to determine the lowest rate for you. However, make sure that you're not paying too little or else you're spending a very long time to pay your mortgage off. Also, don’t underestimate the importance of customer support. The better the customer support, the easier it is for you and your family to handle problems with your insurer.
Connect With a Licensed Agent
An excellent licensed agent is not only capable of giving you options, he can also give you an overview of the ins and outs of mortgage protection insurance and its riders. The best thing to do is to request for a quick and easy quote from a licensed agent.
Some Final Words
Mortgage protection insurance can guarantee a continuity of your payments for your mortgage no matter what happens to you. Your family can rest assured that the insurer will settle the mortgage. Buy your mortgage insurance protection now while you’re still able to pay it.
At Rigel Hines and Associates, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (708) 283-7316 or Click Here to request a free quote.
Phone: (708) 283-7316