Securing Your Home with Mortgage Protection Insurance

Grow old in your home without financial fear with the right mortgage insurance from the team at Southern Star Insurance Agency, Inc. Based in Conroe, Texas, we are your source for mortgage protection insurance that fits your unique needs.

Do You Really Need Mortgage Insurance?

When you are buying a home, chances are you had to turn to a bank to take out a mortgage. Once you start paying this loan back, you will likely receive offers for mortgage protection. Like homeowners insurance, it is available in several forms. This policy typically covers the total cost of your mortgage if you lose your job, become disabled, or pass away.

If you have never heard of mortgage protection insurance, you may be wondering if you even need it as a part of your coverage. Because every situation is different, it is vital that you turn to a professional for one-on-one guidance. Your need for mortgage protection depends on your health, current financial situation, and your wishes after your death. We work with you to determine the best course of action to take.

The Right Mortgage Protection

Whether it is for your first home or an upgrade of your current residence, signing on the dotted line for a mortgage can be stressful and confusing. What happens if you lose your job or are no longer physically able to work? Who will take over your home if you pass away before paying off your loan? These questions can be answered with a new mortgage protection plan.

Many people confuse mortgage protection insurance with the similar concept of private mortgage insurance. While you are required to obtain private coverage if you put less than 20% down on your home, protection insurance is fully optional. This policy is often easy to obtain, and makes an ideal option for those who find it difficult to qualify for affordable insurance. It is also an affordable alternative to disability coverage, as it offers many of the same benefits.

Following the Process

Once you acquire mortgage protection insurance, what is the process? While the final details depend on your specific plan, your policy grants a payout upon a qualifying event. Choosing a plan that is payable on your death ensures that your estate is not subject to any of your debts. Your home and other possessions will pass to your designated beneficiaries instead of being held up in court.

Contact our team in Conroe, Texas, to discuss your needs for mortgage protection. We proudly offer mortgage insurance to homeowners located throughout the area.