Many families and especially those who have just moved into new homes, for example, have questions about how to set up life insurance protection for their mortgage. Now, in the event that tragedy strikes the major breadwinner of a household, a life insurance policy can actually be used to pay off the mortgage and allow the family to keep the home. Now, this type of policy is relatively straightforward and it can be easily purchased from just about any life insurance carrier. Now, the policy can also be part of the closing agreement on a new house, which usually means that premiums for the policy will be added to the monthly mortgage payment. Now, something that I want you to also take note of is a mortgage policy can be engineered to provide a monthly benefit to the surviving family in addition to paying off the house and this provides an extra financial cushion which I think is just a huge, huge plus. So before making any final decisions, be sure to talk to your insurance agent to determine what kind of policy properly protects your family.
We’d be happy to review your insurance coverage options with you! Give us a call at (718) 264-2900 or visit https://boydagencyinc.com.