10 Reasons Mortgage Payment Insurance Is Essential for Every Homeowner
Buying a home is an important milestone. However, home ownership also creates financial stress and uncertainty — especially as 68% of Americans worry they won’t cover their living expenses if they lose their primary income. Mortgage Payment Protection Insurance is a type of policy that you can purchase to cover your mortgage payments for a time period of your choice if you or your spouse die, become terminally ill, or experience certain kinds of injury. Here are 10 reasons every homeowner must buy Mortgage Payment Protection Insurance.
Other types of insurance don’t cover mortgage payments. Firstly, other types of insurance do not cover your mortgage payments. Homeowners Insurance only covers damage to your home, not your mortgage payments. If you have no other source of income and can't afford to pay your monthly payments, you could lose the home you've worked hard to buy. Furthermore, Private Mortgage Insurance only protects banks and lenders (not homeowners like you) from losses when borrowers stop making payments on their mortgages.
Mortgage Payment Protection Insurance can cost as little as $1 per day. Mortgage payment protection insurance is affordable for most homeowners, especially compared to other types of home insurance that pay off your entire mortgage. Furthermore, with American Income Life, you can often get Mortgage Payment Protection insurance without taking a time-consuming physical exam. Click “get a quote” and speak with a representative today for a cost estimate.
Keep your home in the event of death even if you have little to no savings. Not surprisingly, 40% of Americans don’t have enough savings to handle a $1000 emergency expense. Mortgage Payment Protection Insurance offers a vital lifeline for those of us who don’t have a financial buffer, ensuring that your home remains secure in the face of unexpected tragedy.
If you become terminally ill. Mortgage Payment Protection Insurance can shield homeowners from the consequences of unforeseen terminal illness, granting peace of mind and financial stability when it matters most, so you can focus on what matters most.
If you have an underlying health condition. Individuals grappling with underlying health conditions face a heightened risk of fatality resulting from illness or injury. Amidst such uncertainty, Mortgage Payment Protection Insurance guarantees that your home remains safeguarded if your health takes a turn for the worst.
You have a high-risk job. Startling data from the U.S. Bureau of Labor Statistics reveals that fatal workforce injuries rose by 9% from 2020 to 2021. Other, less serious workplace injuries also occur on the job that can be covered by Mortgage Payment Protection Insurance. Take control of your destiny today and explore the peace of mind this kind of coverage can offer. Contact our agents and get a personalized quote, ensuring your home remains a sanctuary for your family even in the face of life's uncertainties.
You don’t have a friends-and-family safety net. Not everyone has the luxury of relying on friends or family during challenging times. And no one wants to launch a fundraising drive for strangers to pay their mortgage in the midst of a family loss or serious injury. By buying Mortgage Payment Insurance, homeowners can establish their own safety net, ensuring that their cherished home remains protected, even in the absence of external assistance.
Your mortgage payments will be covered for a number of years if you are injured in specific ways. Imagine finding yourself unable to work due to a severe injury, such as dismemberment. In such circumstances, the burden of mortgage payments can become overwhelming. However, with Mortgage Payment Protection Insurance, you can gain the peace of mind that your mortgage payments will be covered in the event of specific injuries for the duration of your choosing, allowing you to focus on your family and personal needs without the added stress of financial hardship.
You are not the primary breadwinner in your family. If one of the primary breadwinners in your family dies, you can stay in your home without worrying about the mortgage payment for the years you selected to get coverage. Safeguard your family's well-being by exploring Mortgage Payment Protection Insurance today and gain the reassurance that their future is secured, regardless of your role as the primary earner.
You want coverage that lasts. When it comes to Mortgage Payment Protection Insurance, obtaining adequate coverage is essential for safeguarding your financial stability. One compelling reason to consider increasing your coverage is the potential for automatically increasing the number of years of payment protection in the event of accidental death. Imagine the peace of mind knowing that your mortgage payments are secured for an extended period, granting you or your family additional time to recover from unexpected setbacks.
To explore the possibilities and find your perfect policy, simply click "get a quote" and connect with one of our experienced agents. They will guide you through the process of purchasing Mortgage Payment Protection Insurance. Don't wait — take the first step toward financial security today.