Life Insurance & Mortgage Protection

Choosing the right life insurance policy will help your family pay off any debts that you leave behind such as your mortgage, car payments, credit card debt and allow them to not be in a financial mess while grieving.

Life Insurance

Term Life Insurance provides coverage for a certain time period. It’s often called “pure life insurance” because it’s designed only to protect your dependents in case you die prematurely. If you have a term policy and die within the term, your beneficiaries receive the payout. The policy has no other value.
You choose the term when you buy the policy. Common terms are 10, 20 and 30 years. With most policies, the payout —  called the death benefit —  and the cost, or premium, stay the same throughout the term.

When you shop for term life:

Choose a term that covers the years you’ll be paying the bills and want life insurance in case you die. Buy an amount your family would need if you were no longer there to provide for them. The payout could replace your income and help your family pay for services you perform now, such as child care.

Ideally, your need for life insurance will end around the time the term life policy expires: Your kids will be on their own, you’ll have paid off your house and you’ll have plenty of money in savings to serve as a financial safety net. Whole Life Insurance provides lifelong coverage and includes an investment component known as the policy’s cash value. The cash value grows slowly in a tax-deferred account, meaning you won’t pay taxes on its gains while they’re accumulating. You can borrow money against the account or surrender the policy for cash. But if you don’t repay policy loans with interest, you’ll reduce your death benefit, and if you surrender the policy, you’ll no longer have coverage.​
Although it’s more complicated than term life insurance, whole life is the most straightforward form of permanent life insurance. Here’s why:
● The premium remains the same for as long as you live.

● The death benefit is guaranteed.

● The cash value account grows at a guaranteed rate.​

Mortgage Protection

As a homeowner, being able to pay your mortgage every month is important. What would happen to your loved ones if tragedy were to strike and you were no longer around to help pay the bills? Nobody knows what the future holds, but you can achieve peace of mind today with mortgage protection insurance. Mortgage protection insurance is a term life policy designed to pay off your mortgage. You purchase a policy for a set term (usually 10-30 years), make monthly payments, and if you pass away while the policy is in force, your beneficiary receives funds to pay off the mortgage. This coverage can also account for loss of income due to disability or critical illness.

What are the advantages of mortgage protection insurance?

● Provide a death benefit to pay off your mortgage

● Pay your mortgage payments if you become disabled

● Protect your mortgage payments in the event of critical illness

● Benefit from a life insurance policy with affordable premiums

● Achieve financial security for your home and your family

What is the difference between mortgage protection insurance and homeowners insurance?

Mortgage Protection Insurance

● Money goes to your family

● Pays your mortgage if you become sick or injured

● Money your family receives is tax free

● Makes your premiums in case of job loss*

● Is portable – new home? It travels with you

Homeowners Insurance Covers

● Damage to your home in severe weather and water conditions

● Theft of your belongings

● Vandalism of your house and property

● Fire damage to your home

● Personal injury lawsuits if someone gets hurt on your property

Need quality insurance?

Contact us now and get a free consultation