Mortgage Protection and Private Mortgage Insurance (PMI) sound alike, but they are actually a lot different. Knowing the difference between these products could save your family from losing their home.
PMI is the kind of insurance your bank requires you to have when you take out a mortgage. This is insurance to protect the bank if you can't make your mortgage payment. This will not protect your family from losing their home if you can no longer make the payments.
Mortgage Protection Insurance is a policy you purchase from an insurance company that will pay off your mortgage when you pass away. This way, your family won't lose their home at a time when things are already emotionally difficult. You can also get mortgage disability insurance, which will help you make the mortgage payments if you become disabled and unable to work.
Many families are forced to have PMI protection, and believe that it will protect them from losing their home, but in reality it only protects the bank. This leaves many families homeless when one of the main income earners passes away.
If you'd like to protect your family and their home with mortgage protection insurance, we've got good news – it's affordable and we can help! Just fill out the form to the right or give us a call today at 855-490-4656. We'll put you in touch with an agent in your area who will make sure that your coverage and budget needs are met!
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