What is Mortgage Protection Insurance? In a nutshell it is a form of life insurance. (Typically Term Life) It is designed to payoff part or all of your existing mortgage at death. It can also help make payments to you or your family if any of the following occurs.
Long Term Care
If you are going to buy Mortgage Protection insurance make sure of 3 key factors in your policy decision.
- Do not buy a declining death benefit program
- Make sure the death benefit goes to your family and not the lender
- Include as many living benefits into the policy as possible