Your home is one of the most significant financial purchases, and typically the largest debt you will have in your lifetime. Mortgage and credit insurance protects the life you’re building in the event the unexpected happens. Mortgage and credit insurance can help provide a lump sum to allow your family the flexibility to pay off the mortgage debt, eliminating what is often the largest household expense.
At Gifford Carr, we understand the financial confidence that comes with knowing you can protect your family against unexpected loss. Mortgage and credit insurance provides financial support that can be used towards the outstanding balances or t payments on your mortgage or line of credit.
Insurance designed to eliminate major debts such as a mortgage or outstanding credit can provide peace of mind by offering financial protection during unexpected situations that may impact your ability to meet financial obligations. Discuss these options with a qualified Gifford Carr insurance professional to determine the best approach based on your unique circumstances and requirements.
How Mortgage Insurance Can Help You:
Should you pass away or experience an unexpected incident that leaves you critically ill or disabled, your insurance plan steps in to potentially cover the cost of your mortgage or postpone payments as you work to get back on your feet. These specialized plans cover mortgage payments in the event of specific circumstances outlined in your policy. Some circumstances include disability, critical illness, or death. This insurance can provide the insured with financial support if they cannot make mortgage payments, helping to prevent foreclosure or other financial difficulties.
FAQ
Is mortgage insurance mandatory?
Mortgage insurance is not mandatory and should not be confused with mortgage default insurance, which is often required by lenders when the downpayment on a home is below a certain threshold. This is an additional optional insurance policy to safeguard what is often a very large debt.
Is credit insurance mandatory?
Credit insurance is not mandatory, and should be carefully considered against stand alone coverage, especially on loans of a significant dollar amount. It is an additional coverage that can pay off or maintain installment payments in the event of an unexpected event; however, stand alone coverage for a major event (life, critical illness, or disability) should take into account all debts and very typically has lower premiums for significantly the same or more coverage. Speak with a Gifford Carr insurance expert for more details.
