Life Insurance with Living Benefits can protect your mortgage from bankruptcy.
Your home is your family’s biggest asset and your biggest financial responsibility as well. Buying Term insurance to protect yourself and your family from burdensome mortgage payments if you were to pass away prematurely or if you get sick and can’t work is strategy that every home owner should have.
The strategy is to purchase term life insurance in the amount of your mortgage. If you get sick and can’t work, you have the option to accelerate your term life insurance death benefit to payoff your home’s mortgage balance or to continue making mortgage payments. Also if the insured passes away the term life insurance death benefit can be use to pay off the mortgage. The living benefits option protects you, your family, your home and your quality of life.
In the event of premature death - Your family will receive the full life insurance death benefit, which can be use to pay a portion or full amount of the mortgage balance.
In the event of a heart attack, stroke or cancer - You, as the insured, would have the option to accelerate a portion or all of your own life insurance death benefit. The funds would be giving to you as a lump sum and they're tax free. You can use these funds to pay for your mortgage.
In the event of a chronic illness - You, as the insured, have the option to accelerate a portion or all of your own life insurance death benefit. While you're out of work due to illness the living benefits can help replace your loss income. You can use the funds to make sure you keep your home.