Your house is a place that you and your family call home. A place that protects your loved ones and provides a shelter from the outside world. Your house is a big investment – probably one of the biggest you’re ever likely to make. It is also probably the single largest source of personal debt. That’s why protecting your family and home is so important.
The sudden loss of income can put an enormous strain on a family’s ability to pay their mortgage. Mortgage life insurance is an excellent way to help protect your family in the event of an untimely death.
Features of Mortgage Life Insurance
A Mortgage Term Life insurance policy will provide your loved ones with a guaranteed death benefit if something happens to you. They can use these funds to help make their mortgage payments or pay the loan off.
You choose the coverage you need based on your mortgage balance.
Coverage is available for 15 and 30 years.
The amount of insurance is level for the first five years and then decreases annually at the beginning of each policy year, with a minimum amount of 20% of the original face amount.
You can pay premiums annually, semi-annually, quarterly, or monthly
If you need lifelong coverage, you can simply convert to permanent coverage and premiums – no matter your state of health.
If you have auto insurance with State Farm, purchasing a State Farm life insurance policy may entitle you to a discount on your auto premiums with our multi-line discount.
The sooner you start, the lower your premiums could be
