Are you considering buying mortgage life insurance? From costs to portability, here’s how to find the right policy for you.
Are you a homeowner with a mortgage? If so, it’s important to make provisions to ensure that if anything happens to you, your family isn’t left with a big debt and the prospect of losing the family home. Buying a mortgage life insurance policy can ensure:
- Your family will always be financially secure
- You have peace of mind, knowing your mortgage won’t be a burden to your loved ones
- There will always be a roof over your family’s head
Portable Mortgage Life Insurance at an Affordable Cost
At 20/20, we pride ourselves on offering transparent and simple mortgage life insurance at great costs to help keep your family protected during some of life’s hardest moments. From disability coverage to critical illness insurance, we are able to meet all your unique insurance needs.
Choosing The Right Mortgage Life Insurance Policy
If you’ve decided to get mortgage life insurance, then it’s important to look into a few factors to help you decide which policy is right for you.
Here are some of the things to keep in mind:
1. Portability
In many cases when a mortgage life insurance is sold by a lender or mortgage company, it is locked with the mortgage company. If you decide to refinance, switch lenders, or if the mortgage company sells the loan to another company, you’ll have to get a new insurance and requalify.
Why choose 20/20 mortgage life insurance
At 20/20, our insurance products allow for portability, which means you can choose the coverage amount you need and whether you move, refinance, or renegotiate your mortgage, your coverage stays with you.
2. Your Future Plans
One of the biggest deciding factors when it comes to your MLI are your future plans. Some of the questions you should ask yourself include:
- Are you planning on moving somewhere else?
- Do you have the means to pay off your mortgage early?
- Do you have an idea of how long you’ll be staying in your house?
If your answer to any of the questions is yes, then a short mortgage life insurance period may be the right option for you.
3. Length of Your Mortgage Period
Of course, this should be a huge factor when considering your choice of mortgage life insurance plan. Typically, people want to match the length of their plan to the length of their mortgage, although others may opt for a plan with a shorter period if they plan to pay off the mortgage earlier.
4. Your Unique Needs
Everyone has different needs, which is why it’s important to choose a customized and flexible MLI policy. If you’re married, it may be helpful to consider getting a joint life policy. If you’re concerned about a more comprehensive cover, you might think about getting other riders such as:
- Mortgage Life Disability
- Mortgage Critical Illness
