Are you considering purchasing a new home? Here’s how to find the best mortgage life insurance rate and how such a policy can keep your family and home protected.
Becoming a new homeowner is a rite of passage but it’s not always easy. From finding your dream home to worrying about mortgage life insurance rates and home maintenance, owning your own space can be financially straining. If mortgage life insurance rates have got you wondering whether or not you really need such a policy, then you should ask yourself the following questions:
- If you unexpectedly die or become disabled, will your family be able to cope with the debt?
- Can your spouse or family afford to pay the mortgage without your income, or will they lose the roof over their heads?
- How many years do you have left until your mortgage is paid?
- Do you have an emergency fund that can continue to pay your mortgage in case you cannot work due to disability or illness?
- Can you afford the monthly mortgage life insurance premiums?
Affordable Mortgage Life Insurance Rates
If you’re concerned about your family’s financial stability and their ability to continue paying the mortgage after you pass away, or are injured, then you may want to consider purchasing mortgage life insurance. At AIME, we offer the most affordable mortgage life insurance rates and policies that can be customized to suit all your unique needs.
Want to know more?
How Mortgage Life Insurance Can Protect Your Home
Taking out a mortgage is a scary prospect, but imagine if you, as your household’s breadwinner, dies. How will your family make the monthly payments? One of the ways is through mortgage life insurance.
- You can purchase an MLI policy when you buy your home and the idea behind it is straightforward: you pay a premium, which remains the same for the duration of your policy, and if you die during that time, your mortgage will be paid in full.
- A huge benefit of mortgage life insurance is that you can add critical illness or disability coverages to your policy. This means that your policy will pay your mortgage until you are able to get back on your feet financially.
PMI vs Mortgage Life Insurance: They’re Not The Same Thing
As a new homeowner, it can be easy to think that private mortgage insurance (PMI) and mortgage life insurance are the same things: they aren’t. While mortgage life insurance will pay off your loan when you die, PMI is designed to cover a portion of your loan if you are unable to pay, and the benefit is paid to your lender, NOT YOUR FAMILY.
Why do I need PMI?
- Often, if you’ve purchased a home with less than 20% down-payment, your lender will require you to purchase PMI.
- Also, it can make it easier for you to get a mortgage.
- However, you’ll need another form of life insurance to ensure your loan can be paid off, should something happen to you.
Call Today
To find out more about our affordable mortgage life insurance rates and customizable policies, contact our licensed agents today at 1-844-974-2020 or fill in our online contact form.
