Taking out a mortgage can be a scary ordeal.
Now imagine if one of the household breadwinners dies. How will you make the payments? Mortgage protection insurance covers this potential financial disaster. You can purchase a policy when you first buy your home. Often you must buy within a certain period of time after closing escrow, generally up to 13 or 24 months. However, some companies may allow up to as much as 5 years.
The idea behind mortgage protection insurance is straightforward. You pay a premium, which remains the same for the duration of the policy. If you die during that time, the insurance pays out your death benefit... Read More
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