Mortgage cancellation insurance is a type of life insurance policy that pays an insurance benefit to your surviving family members in the event of your death so they can continue to pay the mortgage. Be cautious to not mistakenly purchase the mortgage insurance directly from a solicitation as there are policies that are not as flexible and pay the mortgage, not the policy holder for the benefit.
Benefits of Mortgage Cancellation Insurance
- Safeguards your family can stay in their home if your income disappears
- Typically issued on a guaranteed acceptance
- Another option if disability insurance is not available
Purchasing a life insurance policy with specific benefits rather than a cash payout isn’t for everyone. If your home is close to being paid off, or if you don’t have a mortgage payment at all, this is not the policy for you. Because of office offers many options for life insurance, we can help you decide what option may be the best for you.
