Your Home Is Your Largest Investment, Protect It the Right Way
Affordable Mortgage Protection that Benefits You, Not the Bank.
When buying a home, many buyers look to protect their investment with some form of mortgage life insurance. Most banks and mortgage lenders offer this coverage during their loan underwriting. What we find often time, this type of mortgage loan protection, while usually very inexpensive, protects the bank and satisfies the mortgage, rather than paying the family and giving them control over their financial decision.
At Great Bay Insurance, we work with our clients to find affordable life insurance that protects their mortgage in case one of the borrowers dies before the mortgage is paid off. Rather than simply paying the bank automatically, we help our clients plan the way that they manage the proceeds of the life insurance policy. In some cases, the remaining borrower may be able to continue to pay the monthly mortgage payment and use the funds for college planning, paying off other debts or obligations.
Regardless of your situation, we think it is important for you to have control over the life insurance that protects your home and that you're able make decisions that benefit you, your situation and your finances in the event a spouse or co-borrower on a mortgage passes away. Our free life insurance consultation takes all of this into consideration in developing a life insurance plan that covers, not just your mortgage, but all of your financial goals.
Why Buy Your Own Mortgage Protection Policy?
When it comes to protecting your home for your family, there are a few important reasons to buy a life insurance policy specifically to protect your mortgage either as a standalone policy or in combination with other life insurance needs through a larger policy:
Provides Peace of Mind - A policy that protects your mortgage allows you and your family to plan for one of the most important needs a family will have if faced with the loss of one of the owners. The uncertainty of maintaining the current lifestyle either in the home or to provide resources to make a more suitable living arrangement is without a doubt one of the greatest challenges the survivors will face after the death of an owner of the property. Life insurance provides them with the most amount of choices if they face this situation.
Simplified Approval Process - Most current mortgage protection and life insurance policies have a simplified approval process which typically does not require a medical exam. No needles, no uncomfortable medical appointments, and a quick and simple approval process means you can get this coverage in place quickly and easily so you can have that peace of mind right away.
You Choose the Beneficiaries - Many mortgage company or other mortgage protection programs default to making the lender the beneficiary of the policy, limiting the options you may have if one of the owners should pass away. While it would be nice to see the mortgage paid off, it does not provide the level of options the family may want based on their situation. Great Bay Insurance can help you determine the best beneficiary for your life insurance to make sure you have both flexibility and control of the proceeds of the policy to make the best decisions for your family.