Mortgage Protection Insurance

Protecting your mortgage is one the first responsibilities that you must take upon yourself as a homeowner. Upon closing escrow, homeowners are urged to purchase mortgage protection insurance. The idea behind mortgage protection insurance is the same as with term life insurance, in that mortgage protection insurance protects all family members living in the home of being foreclosed on and evicted in the event of defaulting due to the death of the insured.

Your coverage amount can be used upon your death for anything your beneficiary(ies) would need. Your death benefit can vary from lump-sum to installment payouts depending on what mortgage protection insurance you choose. Previously, mortgage protection insurance rates were determined by the outstanding balance of the mortgage. However, most quality mortgage protection insurance policies these days will pay the original mortgage balance, despite changes of value in your home throughout your policy holding period.

Your death benefit can be used towards a number of expenses and are not limited to the mortgage payments. This coverage amount can be used to make payments on a number of things, including everyday bills and household expenses, credit card debt, auto loans, home equity lines of credit (HELOC's), tuition, funeral/burial expenses, and nursing home costs.

TermAdvantage is committed to finding you mortgage protection insurance that fits your family's needs and budget. Since mortgage protection insurance varies in price substantially, TermAdvantage shops over 2,000 companies to find mortgage protection insurance custom-fitted to your exact specifications. While the decision to purchase mortgage protection insurance is an important one, TermAdvantage is committed to finding you the best available mortgage protection insurance at the lowest rate from the nation's highest-rated (A or better by AMBest.com) companies.