Life Insurance for Homeowners
PROTECT YOUR LARGEST ASSET
Don't be a greedy, cookie-eating monster! Protect your investment and your family.
A Mortgage Protection Plan is the smartest, most efficient way to safeguard your most important assets. These simple, affordable plans protect you and your family from slipping into foreclosure if unexpected events occur that could threaten your ability to make your mortgage payments on time.
Mortgage Protection plans provide the protection of both a death benefit and Living Benefits, meaning that no matter what life throws your way, you'll be able to access much-needed funds. It's the smart, forward-thinking solution for any homeowner. If you own a home and are currently paying off a mortgage, you should have mortgage protection life insurance in place, also known as home life insurance.
Why Mortgage Protection Insurance?
One of the most important functions of life insurancecoverage is to ensure that your family is not left with an excessive amount ofdebt obligations to pay off if you’re no longer around.
For most homeowners, the single largest source of debt forthe household is the mortgage on their home. So, it makes good sense to have a life insurance policy thatwill pay out enough money for a surviving spouse to pay off the mortgage andeliminate that debt going forward.
This concept is commonly referred to as “mortgage protection”.Sometimes you will see it being marketed and sold as a stand-alone mortgage protection policy.
More commonly, the amount needed to pay off the mortgage is simply included in a person’s life insurance coverage among other financial concerns that the policy is designed to address.
For example, a $1,000,000 life insurance policy on a married mother of two who has $300,000 of debt left on her mortgage is earmarking $300,000 of that $1,000,000 payout to be used to pay off the home and ensure that house will remain a home for her family if she is gone. The other $700,000 in the policy will be used to replace her lost income for her spouse to keep the family’s finances running normally, leave behind some money for the kids’ education expenses, pay off any other outstanding debts like student loans, credit card debt, or car notes, and pay for the funeral.
Owning life insurance is a smart idea for anyone who earns money and has a family, but life insurance for homeowners is an absolute must. The last thing any parent or spouse wants to do is leave behind a big mortgage debt for their surviving family to pay off after just having lost a loved one (and a big portion of the family’s income in the process).
Alliance Group specializes in life insurance for homeowners and can help connect you with one of our agency partners in your local area to conduct a needs analysis, answer any questions, and provide pricing options. Click below to contact us!
Protect your largest asset!
Mortgage Protection Insurance
Are you ready to protect your family? Reach out now, and a member of our team will put you in touch with an expert in your area!