Anacapa Insurance Services Blog
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Mortgage protection or “mortgage life insurance” is a type of term life insurance that is designed to pay off your entire mortgage in the event of your death. It works like a standard term life policy that matches the term of your mortgage (15 or 30 year, for example). If you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. This coverage ensures that your family will be able to stay in their home if you were no longer there able to contribute to mortgage payments. We recommend getting the coverage as a couple so it will work for either one.
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