Are you a new homeowner? Here’s everything you need to know about mortgage life protection, and how it can protect your home and keep your family financially stable through all of life’s ups and downs.

If you are a new homeowner, it’s likely that your house is now the most expensive and important asset you own, and a good percentage of your income will go into paying your mortgage every month. But what would happen if you could no longer work, and your family could no longer depend on your income?

Mortgage life protection is designed to offer you peace of mind, knowing that your loved ones will be taken care of if you can no longer work, be it due to premature death, disability, or critical illness.

Some of the great benefits of mortgage life protection include:

  • It’s affordable
  • It requires very little underwriting
  • It ensures your family will always have a roof over their heads
  • All of your outstanding debts (especially your mortgage) will be paid off

Customized, Transparent, and Flexible Mortgage Life Protection From AIME

At AIME, our goal is to make mortgage life protection as transparent, affordable, and flexible as possible. Our licensed agents are on hand to help you choose the best MLI product that suits your family’s unique needs.

Want to know more?


What is Mortgage Life Protection?

A mortgage life protection policy is designed to pay off your mortgage in the event of your death. A disability and critical illness rider can be added on for extra protection. In addition to this, here are some quick facts about the product:

  • Typically, the policy has a decreasing benefit amount, that decreases proportionately to the decreasing balance of your mortgage.
  • You (the policyholder) will name your beneficiary (eg. your spouse).
  • The beneficiary is the person who has the responsibility of handling your death benefit. This means they can use your insurance fund in any way they see fit.
  • A mortgage life protection policy ensures that your mortgage is paid off and your family will never lose the roof over their heads.

Extra information: Most mortgage life insurance policies offer rides, including disability and critical insurance policies, that are designed to pay off your mortgage payments if you become disabled or ill.

What Makes Mortgage Life Protection so Appealing?

When you get a mortgage, you may be considering purchasing mortgage life insurance. For many homeowners, this can be an attractive option for several reasons, including:

  1. It’s easy to qualify. You’re likely to get approved for MLI as long as you meet the basic criteria and don’t have a life-threatening illness.

  2. It provides financial security. In case of your unexpected demise, a mortgage life insurance will ensure that your largest source of debt (your mortgage) will be paid in full, keeping your family financially secure.

  3. It gives you peace of mind. One of the biggest benefits of purchasing mortgage life insurance is that it gives you peace of mind, knowing that your family will be taken care of when they can no longer depend on your income.

Given these advantages, if you do have a mortgage, then purchasing MLI can be the best financial move to make for your family.

Do I Really Need Mortgage Life Insurance?

If you have a new home, one of the questions you’re probably asking yourself is if you really need mortgage life insurance. In order to make the best decision, here are some questions you should ask yourself:

  1. In the event of your premature death or unexpected disability, who will have to shoulder your debt? Will they be able to manage it?
  2. Can your family afford the mortgage payments without your income?
  3. How many years do you have left until your mortgage is paid off?
  4. Do you have enough life insurance to cover your mortgage in case of your unexpected death?
  5. Do you have an emergency fund that will help you continue paying for your mortgage if you’re out of work for an extended period of time, whether it’s due to illness or disability?
  6. Can you afford the monthly mortgage life insurance premiums?

Purchase MLI If You’re Concerned About Your Family’s Financial Stability

If you’re concerned about your family’s financial security, and their ability to pay the mortgage payments in the event of your death or injury, then you should seriously consider purchasing mortgage life insurance.

Still unsure? To find out if mortgage life insurance is the right product for you, one of our licensed agents can conduct a needs analysis to help you settle on the right option. To find out more, or to begin the process, contact us at 1-844-974-2020 or fill in our online contact form.

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