Our agents can sell a variety of Mortgage Protection Insurance products and have a wide selection of A Rated carriers.
Mortgage life insurance is a form of life insurance that will cover the cost of the mortgage in the event of policy holder’s death, so that his/her family doesn’t have to worry about paying it off without the aid of primary income. Buying a house is a big step in life, and it comes with greater responsibilities and liabilities.
It is your responsibility to make sure that your loved ones will always have a roof over their heads. In the unfortunate event of your death, you wouldn’t want to have them worrying about paying off the balance of the mortgage without your wage.
The insurance will pay a lump sum amount to match the outstanding mortgage balance. There are are 2 major types of mortgage protection insurances – one that protects the beneficiary in the event of policy holder’s death; the second will protect the policy holder (not the family) from disability, unemployment or critical illness. The first kind is called the Mortgage Life Insurance and is the most basic form of mortgage insurance which will cover the life risk of the insured and pays out the benefits to the beneficiary.
The second kind of coverage includes policies such as unemployment mortgage protection insurance, mortgage disability insurance and critical illness insurance. This type of protection can be added as a “rider” to the basic mortgage.
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