How Mortgage & Life Disability Insurance Saves you Money

Mortgage life and disability insurance is a combined insurance policy which covers your mortgage payments if you either die or become disabled. 

If you die before your mortgage is paid off, your family or your estate is still responsible for payments on your mortgage. If your surviving loved ones are unable to make these payments, the lender could foreclose on your home. Mortgage life insurance will help your family make these payments after your death.

Mortgage disability insurance, meanwhile, would cover some or all your mortgage payments if you are ever injured or too ill to work. By insuring your mortgage payments in the event of a disability, you would be able to use your savings to pay for other important expenses during your period of disability.

With most policies, the total amount of your mortgage & life disability insurance decreases over the years, as the balance of your mortgage declines. Even so, with some policies, the premiums you pay do not change. Be sure to study any applications carefully before purchasing.