MORTAGE PROTECTION ASSURES YOUR FAMILY A HOME

2007-03-08 10:33:40

( Financial )



Are you tormented with the thought of leaving your family homeless if ever you die or get critically ill before you even finished paying for your mortgage? Stop torturing yourself! Get a mortage protection now!

A mortage protection is a life insurance plan coverage which pays off your mortgage balance in the event of your death or involuntary unemployment due to critical illness. It is a diminishing term life insurance plan wherein the amount decreases as the principal on the mortgage decreases over time. The amount of mortgage protection will be enough to cover your mortgage payment assuming that interest rates are fixed.

It is best that you don’t default on your mortgage payments during your productive years. The amount of mortgage protection does not include coverage for default amounts on your mortgage payment. Instead of being assured of clearing your mortgage balance your family might still be faced with a problem of coming up with cash to include payments of amount defaulted on your mortgage.

What happens to your mortage protection if you are still alive and productive upon the maturity of your mortgage loan? Will your money go to waste? No need to worry that your money were wasted. A mortgage protection plan has a provision for a return on premium payment in the event that you have not used the principal benefits of your mortgage life insurance plan. At the end of its policy term, all the premiums that you paid is returned to you usually tax free! You can even use it as part of your retirement fund or invest it to high earning financial tools.

Isn’t it nice to be practically saving up to pay for your mortgage payments but in the end you are actually using it to support your retirement plans? Go get that mortgage protection NOW.


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