What is a Mortgage Protection Policy and How Does it Work?
About Mortgage Protection
Let’s first clarify that a Mortgage Protection policy is a term referring to a specific policy condition related to life insurance. Mortgage protection differs from a traditional life insurance death benefit in the following ways:
1. It pays off a portion of — or entire mortgage balance — directly to the mortgage lender
2. Unlike traditional life insurance policies that pays out to a beneficiary (typically a family member), the payout in a mortgage protection goes directly to the mortgage lender, bypassing a traditional beneficiary
3. A mortgage protection policy can be customized for the entirety of the mortgage term, for a specified time only, or for a portion of the mortgage.
*A mortgage protection policy can also pay a portion of or the entire amount of the mortgage balance if you experience loss of income due to illness.
Most People Need Less Coverage Than They May Think
Depending on your needs and existing policies, most people need less coverage than they may think, which makes a mortgage protection policy an affordable addition to your personal life insurance coverage. Whether you’re looking for mortgage protection to replace 1 or 2 incomes, for the life of your mortgage (or just a portion of it) in your working or retirement years, you’ll find A-rated policies starting as low as $30 p/month.
*Terms apply. Not everyone will qualify for a low monthly premium and health markers will affect premium rates.
We're here to help you protect the things that matter most to you.
Protect the people you love with a mortgage protection policy that will pay off a portion or all of your mortgage.
The Pierce Life Agency is a modern life insurance agency that serves women professionals and their families in the Pacific Northwest. We offer over 80+ policy options from A-rated insurers that are customizable to your unique needs and goals. Whether you’re shopping for Mortgage Protection, Term Life, Whole Life, Cash-Value policies, or Debt Reduction, we’re here to help you.
