There is a special kind of life insurance that you buy to protect your home. This is sometimes called mortgage protection insurance. Regular home insurance provides protection against calamities that damage the house. Mortgage protection insurance pays off the mortgage if the insured person dies. It can also be extended to pay benefits while that person is alive if they become permanently disabled or get a terminal illness.
Why is life insurance important for your family home?
The median price for a home in Virginia is $285,587. These prices are going up by about 4% each year. Most families need two incomes to be able to sustain the cost of living expenses necessary to own a home. If one of those income-earners is no longer able to make their part of the needed financial contribution, then this puts the family at the risk of losing their home.
The grief of losing a loved one is bad enough. Add losing the family home on top of that grief is the worst kind of emotional torture.
Mortgage Protection Insurance
The good news is that mortgage protection insurance is available to protect your family from this horrible risk. It is usually easy to get approved for this type of life insurance. It rarely requires a medical exam, even for those with pre-existing medical conditions. Talk with your agent at Dove Insurance Agency, serving Blacksburg, VA and the surrounding area, to see what is possible for your specific circumstance.
Peace of Mind
Dedicating the proceeds of a life insurance policy to pay off a mortgage is a very wise financial planning strategy. You will know what happens if you die and that your family will still be able to live in the house that they love while no longer having to make a mortgage payment. If you extend the benefits to pay a claim while you are still alive for terminal illness and permanent disability, you will enjoy the protection as well.
Contact your agent at Dove Insurance Agency in Blacksburg, VA to get a quote for this special kind of life insurance.