A home may be your largest financial investment and taking care of your family may be your largest responsibility. A mortgage term life insurance policy can ensure that your family won’t have to worry about the mortgage in the event of your death (and consequently, a loss of your income). This policy takes effect for a term that lasts for the length of your home loan, so if something happens to you while you still owe mortgage payments, your insurance policy can take care of the remainder of your balance. Plus, the funds that your family will receive will be completely tax-free!
Who benefits from mortgage term life insurance?
Mortgage term life insurance can benefit you if you have a health condition and are not eligible for term life insurance. It’s also helpful when your mortgage is your greatest financial responsibility. In addition, it does not require the hassle of undergoing a series of medical exams in order to qualify for it, so if time and convenience is a concern, this may be the policy for you.
Keep in mind that with GPA Insurance Agency, you get to personalize your insurance policies to suit your needs and circumstances. As a brokering agency, we can compare prices from different companies for you at no cost. Need help deciding on the right amount of protection that fits in your budget? Get an online quote now or speak with a friendly agent to get started!