Life insurance is exactly the first type of coverage we think about when thinking about insurance. In a market full of options and "savings", it's hard to determine what insurance is necessary, and which is not.
The investment a borrower has made in their home is one of the largest financial commitments they will make in their lifetime. As we start to think about and discuss how to protect this financial commitment, Life Insurance may not be top of mind, but it should be. Mortgage Life Protection can not only be a very affordable coverage, but it can also protect the home your borrower has built, and protect any survivors in the event of death.
Mortgage Life Protection Programs are invaluable plans that help protect the borrower from defaultingon their mortgage loan in the event of death. Borrowers benefit knowing that their mortgage loan will be paid off and they will not have to worry about their family struggling to make mortgage payments. Although Mortgage Life Protection protects the borrower and their family, Mortgage Life Insurance also protects the financial institution servicing the loan. By offering Mortgage Life Protection to your borrowers, you are helping to secure the loan for you financial institution.
Below are just a few statistics that can be shared with your borrower when discussing their financial commitment.