Mortgage Insurance

Mortgage Insurance

When taking out a mortgage it is advisable and is often a requirement that you take out insurance to pay off the mortgage in the event of your death. Banks offer this coverage, however there are many advantages to purchasing coverage though a life insurance company including:

-competitive rates
-policy is owned by you and can be used as your survivors feel best – for example if your mortgage is locked in at a low rate, they can choose to use the proceeds of the policy for other purposes, such as paying off other higher interest loans or for investment.
-coverage is level and doesn’t decrease as your mortgage is paid off.

Mortgage insurance is usually one aspect of a complete life insurance plan, your Utter Morris representative can make sure that all parts of the plan are considered to ensure that you have adequate coverage without overlaps or gaps in coverage at the best premium possible.