Mortgage insurance is yet another line of insurance that Asher Custom Benefits produces for its clients. But, most people don’t understand quite what it is. Hopefully, by the end of this article it will be better explained.
First and foremost, Mortgage Insurance will protect your home in the event of your passing. This ensures that your home will not be lost to the bank, and it will be left to your loved ones or your estate, however you wish. This makes sense to most people.
There are other parts to Mortgage Insurance, however. There are riders that you can add to your Mortgage Insurance policy. The first that most people think of, considering you think of yourself at an older age when you need this policy, is a long term care policy. This ensures that the mortgage payment gets paid while you are in long term care.
The other main rider that can be added to a Mortgage Insurance policy is disability. By adding a disability rider to your Mortgage Insurance policy, this also guarantees that your mortgage will be paid, but it is in the event you cannot work due to an illness, or injury, that is not necessarily life-ending.
I certainly hope this has cleared up some of the muddy waters about Mortgage Insurance. It really is a great product for you and your family to protect your assets.
As always, feel free to contact us with any questions you may have and a free quote. We are here for you!
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