What Is Mortgage Life Insurance in Cape Coral?

by | Feb 11, 2019 | Insurance

What happens to a family when the person who brings in all or most of the money passes away? How can they stay in their home? Would they have to downsize? Could the family become homeless? Those are some questions that a person might wanted answered so they can have peace of mind. Can an individual make sure that their family doesn’t have financial problems if they pass away?

Using Insurance

Anyone who wants to protect their family will look into insurance. They will eventually come across Mortgage Life Insurance in Cape Coral. This type of insurance is often offered when a person is doing the paperwork for a loan to buy their home. If a buyer decides to not get this type of insurance, they will have to sign waivers regarding their decision. Buyers shouldn’t rush the decision to opt out of the coverage. They should do their research and find out the pros and cons.

Advantages Of Mortgage Life Insurance

There are several advantages of Mortgage Life Insurance in Cape Coral. One of the benefits is there usually isn’t any physical examination required to get coverage. That also means that a person won’t have to submit any blood in order to get a policy. An individual who might not qualify for others types of life insurance can usually get mortgage life insurance for their home. A policy might also cover a person becoming disabled and unable to work. Contact Lee County Insurance Agency to find out more.

Disadvantages Of Mortgage Life Insurance

There are also disadvantages of this type of insurance. Understand that the beneficiary of the policy is the lender. When a buyer signs up for this coverage, the lender knows that they will be paid if the buyer dies or becomes disabled. Other life insurance policies will let a person’s family decide what to do with the money from the policy. The policy also loses it’s value as more of the mortgage is paid off by the buyer.

Anyone who is thinking of getting a mortgage life insurance policy should talk matters over with a professional to see whether or not it’s the right choice for them.

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