If you were no longer here, the payments would keep coming while your family was grieving. Mortgage protection gives them a way to stay in the home.
If you died tonight, the mortgage wouldn't disappear. Without a plan, your family might have to sell the home, spend their savings, or lean on others.
Mortgage protection is life insurance chosen with your home in mind. It's typically a term policy, not insurance legally tied to your loan. If you die while the policy is active, the benefit goes to the person you name, not directly to the bank. Your beneficiary can use that money to pay off or reduce the mortgage, cover monthly payments, or meet other immediate needs.
The right policy depends on your remaining mortgage, budget, existing coverage, and how long your family may need protection. Your cost will also reflect factors such as your age, health, tobacco use, coverage amount, policy term, and underwriting.
Where you are in your mortgage is one of the first things I look at. It tells me how much protection your family may need, and for how long.
The balance is high, equity is limited, and savings may still be recovering from the down payment. This is often when protection matters most.
The balance is falling and equity is building, but the mortgage can still be a significant responsibility.
With a lower balance and more equity, your family may have greater flexibility. Protection can still matter, and the pressure is often lower.
If you're in this group, I'll tell you. I'm not here to sell you something you don't need.
No. PMI, private mortgage insurance, protects the bank if you stop making payments. It does nothing for your family if you die. Mortgage protection protects your family. They're different products. If you're paying PMI, your lender is covered. Your household isn't.
It depends on your age, health, how much you owe, and the term. I can't give you a number without knowing those things first. Coverage for a mortgage is usually less than people expect. I'll show you real quotes on the call.
Maybe. It depends on whether it's large enough to pay off the mortgage and replace your income at the same time. Most employer policies aren't, and they disappear if you change jobs. It's worth knowing the actual number before assuming you're covered.
He came from a family with incredible longevity, and since he was the fittest one, we just assumed he'd live a long life. He had no coverage. When he died I lost two-thirds of our income, and I was raising two young children with special needs.
A widow and mother of two
Real experiences shared by widows in a public conversation about life insurance. Identifying details changed to protect privacy.
Fill out the form and I'll reach out to learn where you are in your mortgage and what you already have. If your coverage is enough, I'll say so.
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Keith Spencer · Licensed independent agent, NPN 21442482Fill this out and I'll reach out to learn where you are in your mortgage and what protection you already have. I'll give you an honest answer about whether more coverage makes sense.
This form comes straight to me, Keith. If your mortgage is already covered the right way, I'll tell you that. Have more questions? The FAQ covers the common ones.
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You'll hear from me within one business day. Go take the free scorecard in the meantime. It'll give us a better starting point when we talk.