Freedom Financial Consultants

For Affordable Insurance Call (803) 768-1332


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mortgage protection Insurance

What is mortgage protection

Buying a home is often one of the most significant investments a family will ever make. Mortgage protection insurance can help protect your loved ones in the event of an untimely death, disability, or a critical illness condition.


Mortgage protection insurance is an insurance policy that pays off your mortgage if you or another policyholder dies before your home's paid off.  We recommend that joint mortgage policyholders have separate mortgage protection policies.  


When purchasing mortgage protection, consider the number of years you have left to pay off your home and buy a policy that will last that amount of time. 



WHICH TYPE OF MORTGAGE PROTECTION COVERAGE DO I NEED?

MORTGAGE INSURANCE

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PROS:

  • Anyone can qualify coverage regardless of health
  • No Medical Exam Required


CONS:

  • Rates remain the same, but coverage decreases with the mortgage.
  • Death benefit is paid to the mortgage lender and the beneficiary. 
  • Cost are usually higher than comparable term insurance.
  • Typically covers accidental deaths only. 
  • No burial or final expense coverage. 
  • Death by health issues not covered.

term insurance

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PROS:

  • Rates and coverage remain the same.
  • Lower monthly cost for healthier applicants
  • Death benefits are paid to the beneficiary and not the lender.
  • Death benefits usually exceeds the mortgage balance leaving additional funds to be used for any reason.
  • Covers accidental and natural cause deaths.
  • Coverage doesn't end when mortgage ends.


CONS:

  • Requires a health screening for approval.

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Freedom Financial Consultants

COLUMBIA, SC , us

(803) 768-1332

Hours

Open today

09:00 am – 05:00 pm