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Mortgage Protection
KEEP YOUR HOME IN THE FAMILY
Your home is likely your family’s biggest investment and most important asset. Mortgage protection insurance ensures that if something happens to you, your loved ones won’t face the impossible choice between keeping the house and maintaining financial stability. This specialized term life insurance is designed specifically to pay off your remaining mortgage balance, giving your family the security of staying in their home during an already difficult transition.
Unlike traditional mortgage insurance required by lenders—which only protects the bank—mortgage protection insurance protects your family. The death benefit goes directly to your beneficiaries, who can use it to eliminate mortgage payments entirely or apply it however they need. As an independent broker, Mark helps you find coverage that matches your loan balance, fits your budget, and ensures your home remains your family’s foundation for years to come.
MORTGAGE INSURANCE
PROTECTING YOUR HOME WHEN YOU CAN’T
Mortgage protection coverage is typically structured as decreasing term life insurance, meaning the benefit amount decreases as your mortgage balance does. This keeps premiums affordable while ensuring coverage always matches what you actually owe.
Policies can be customized with level term options, disability riders, or critical illness coverage. Your family receives benefits quickly and tax-free, with no restrictions on how the funds must be used.
COMMON QUESTIONS
FREQUENTLY ASKED QUESTIONS
How is this different from PMI?
Private Mortgage Insurance (PMI) protects your lender if you default. Mortgage protection insurance protects your family if you pass away. PMI disappears when you reach 20% equity; mortgage protection provides a death benefit directly to beneficiaries.
How much coverage do I need?
Coverage should equal your outstanding mortgage balance. For a $300,000 loan, you’d need $300,000 in coverage. We can structure it as decreasing term to match your declining balance or level term for consistent protection.
What if I refinance or move?
Most mortgage protection policies are portable—they stay with you regardless of refinancing or moving. The coverage belongs to you, not your home, so you’re protected even if your mortgage situation changes over time.
Can my family use the benefit for other expenses?
Absolutely. While designed for mortgage payoff, the death benefit goes to your beneficiaries with no restrictions. They can pay off the mortgage, cover living expenses, or use it however they need during the transition.
Is this more expensive than regular term life?
Not necessarily. Mortgage protection is simply term life insurance tailored to your home loan. Costs are comparable to traditional term policies and often decrease over time with decreasing benefit options, making it quite affordable.
What happens if I pay off my mortgage early?
You can keep the policy in place as regular life insurance, reduce the coverage amount to lower premiums, or cancel it. The flexibility is yours—there’s no penalty for paying off your mortgage ahead of schedule.
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LET’S PLAN YOUR FUTURE TOGETHER
Serving families across North Carolina with independent life insurance and safe money retirement planning. Let’s protect what matters most, together.
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