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The Pros and Cons of Mortgage Protection

The Pros and Cons of Mortgage Protection

For many people, their home is their biggest investment. The family’s safe haven and place of refuge. Losing a breadwinner can cause significant complications on the family’s finances. One way to prevent this from happening is getting a life insurance in Hialeah, Florida. However, there is one other option people can opt for: Mortgage Protection Insurance.

As a reliable partner for quality insurance services in Hialeah, Florida, our affiliates at J.E. Insurance Associates DBA Amco Insurance share this list of Pros and Cons regarding mortgage protection.
 
The Pros

  • You are guaranteed approval upon application. Even if you were poor or work in a dangerous field, you are guaranteed acceptance with no medical exams or lab tests.
  • Your checks go straight to the lender for the exact mortgage balance.
  • You have disability protection if you become disabled and lose your job.

 
The Cons

  • There isn’t much flexibility. Your insurance is meant to pay off the mortgage and nothing else, thus, your family can’t use the money they get for other things.
  • This normally costs higher than life insurance or auto insurance in Hialeah, Florida, with some policies changing their prices over the term of coverage.
  • As your mortgage balance shrinks, so does the policy’s payout. You’ll basically be paying for the same cost for less coverage over time.

 
Talk to one of our affiliates to find out which policy would fit your needs best! Contact us today.

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