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Mortgage Protection Insurance Foxcroft NC | Mortgage Protection Insurance Foxcroft NC – jj
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Mortgage Protection Insurance Foxcroft NC | Mortgage Protection Insurance Foxcroft NC



http://winecountryfinancialgroup.com
Mortgage Protection Insurance Foxcroft NC

What is mortgage protection insurance?

Mortgage protection life insurance is designed to protect your loved ones from burdensome mortgage payments if the primary breadwinner isn’t around to supply an income any longer.

Mortgage insurance is comparable to other forms of term life insurance in how it works.
You purchase a policy, pay regular premiums, and, by the end of the policy term , it ends. If you die throughout the term of the policy, a death benefit is paid out to your beneficiaries.

However, mortgage protection insurance has a few key differences.

First, the mortgage insurance company or lender is normally the beneficiary in a mortgage protection insurance policy. Meaning the death benefit bypasses your loved ones and goes right to the mortgage lender to pay off the mortgage.

And speaking of the death benefit, because it’s used to pay off your mortgage balance in most cases, it always decreases after the first five years of coverage to complement your
remaining mortgage. This really is unlike other term life insurance policies, where the death benefit stays constant unless you make changes to the policy.

Finally, the term lengths for term life insurance policies are generally fairly flexible; you are able to usually choose term lengths in five- or ten-year intervals, and some carriers even allow custom term lengths. However, mortgage protection
insurance is normally locked in at the exact same period of time as your mortgage itself: 15 years or 30 years. Your term length are often limited by your actual age; for instance, State Farm’s mortgage protection insurance limits you to a 15-year term if you’re above age 45.

If you need life insurance , winecountryfinancialgroup helps it be no problem finding a policy that fits your needs but won’t mess with your budget.

Contact us today for Mortgage Protection Insurance Foxcroft NC.

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