Don’t Risk Losing Your Home: Here’s Why Home Protection Insurance is a Smart Choice
Make sure your home and family are protected with home protection insurance.
As a homeowner, you can agree that your home is a huge investment. It’s your safe haven, your place of refuge, it’s where you create memories, build a family, and establish your roots. However, on the flip side, owning a home comes with potential risks and unexpected situations like unemployment, disability, or even death. Any of these can compromise your ability to keep up with your mortgage payments, putting your home at risk of foreclosure. Home protection insurance aims to protect you and your family from these risks, but is it worth the cost?
What is Home Protection Insurance?
Home protection insurance, also known as mortgage protection insurance (MPI), mortgage life insurance, mortgage payment protection insurance, or simply mortgage insurance, is a type of insurance policy that pays off your mortgage in case of unexpected events, such as disability, job loss, or death. With MPI, you have the option of covering the full amount of your mortgage, or a portion of it, depending on your policy.
PROS OF MPI:
Peace of Mind: Knowing that your mortgage payments will be covered in case of unexpected events provides an ultimate sense of relief.
Flexibility: MPI policies can be tailored to your specific needs. You can choose the coverage amount, the length of the policy, and the events that are covered.
Easy to Qualify: unlike some life insurance, MPIs don’t require a medical exam, so they can be easier to qualify for than other types of life insurance.
Quick Payouts: If you need to make a claim, MPI policies usually have a fast payout process. You can get the funds you need to pay off your mortgage within weeks.
CONS OF MPI:
Cost: Pricing of MPI can vary depending on your age, health, and the coverage amount. If you have pre-existing health conditions or work in a high-risk job, it can be expensive.
Limited Coverage: MPI policies are restricted to only cover your mortgage payments, so they won’t provide financial support for other expenses, such as utilities or groceries.
Redundant Coverage: If you already have life insurance or disability insurance, MPI may be redundant. Make sure to check your existing policies before getting MPI.
IS HOME PROTECTION INSURANCE WORTH IT?
The answer depends on your unique situation. You may want to strongly consider MPI if you’re the breadwinner in your family or work in a high-risk job so that your family and home are protected. However, if you already have other types of insurance that cover similar risks, this may be a waste of money.
Who are the ideal candidates for Home Protection Insurance?
This type of insurance can be a smart investment for some, but not for everyone. So who is the ideal candidate for MPI?
Sole Breadwinner: If you’re the person responsible for “bringing home the bacon” in your family, MPI can provide valuable protection for your home and your loved ones. The policy will pay off your mortgage, ensuring that your family doesn’t lose their home in case of your unexpected death.
High-Risk Job: If you work in a high-risk job, such as construction, mining, or firefighting, MPI can provide additional protection for your home. In case of disability or job loss, the policy will cover your mortgage payments until you can get back on your feet.
Lack of Savings: If you don’t have substantial savings or emergency funds, MPI can be a good way to ensure that your mortgage payments are covered in case of unexpected events. This can give you peace of mind and prevent you from going into debt or losing your home.
Health Issues: If you have pre-existing health conditions or a history of illnesses, MPI can be a good way to ensure that your mortgage payments are covered in case of disability or death. However, be aware that MPI policies may have exclusions or limitations for pre-existing conditions, so make sure to read the policy carefully.
Fixed Income: If you’re on a fixed income, such as retirement or disability benefits, MPI can provide additional protection for your home. In case of unexpected events, the policy will cover your mortgage payments, ensuring that you can stay in your home.
BEFORE COMMITTING TO MPI, BE SURE TO:
Shop around and compare policies from different providers.
Look at the coverage amount, the length of the policy, the cost, and the events that are covered.
Read the fine print and understand the terms and conditions of the policy.
At the end of the day, home protection insurance can provide valuable peace of mind and protection for you and your loved ones. With the right policy in place, you can feel confident that your home will be safe even in the face of unexpected events.
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About Pivotal Life Insurance
Pivotal Life Insurance is a family owned, independent insurance agency that focuses on income protection and family security through Life Insurance products (Term Life, Whole Life, Final Expense), Mortgage Protection and Annuities. With a range of product offerings, we accommodate the varying needs of our clients through resources provided by the nation’s top rated carriers. Although we are headquartered in South Florida with a branch in Maryland, we service most of the United States as our agents are licensed throughout the country. Pivotal Life Insurance is one of the fastest-growing agencies and we pride ourselves in putting you, our customers, first.
Insurance Is Pivotal. Cherish what’s important.
For more information or if you’d like to join the Pivotal family, visit www.insuranceispivotal.com or call at 561-412-5500.
