Taking out a mortgage in Opelousas and Lafayette LA area can be a scary prospect. Now imagine if one of the household’s breadwinners dies. How will you make the payments?
Mortgage protection insurance covers this potential financial disaster if you pass away when the policy’s in force. Your loved ones will receive the face value of the policy. They can use the proceeds to pay off the mortgage or for any purpose your beneficiaries choose.
If your mortgage has a low interest rate, they have the option to pay off high-interest credit card debt and keep the lower-interest mortgage. Or they may want to pay for home maintenance and upkeep. Whatever they decide to do, it’s their money. They choose how it will be used.
The idea behind mortgage protection insurance is straightforward: You pay a premium, which remains the same for the duration of the policy. If you die during that time, the insurance pays out your death benefit.
“Mortgage protection insurance is a life insurance program that gives you special benefits because you have a mortgage,” says Andy Albright, president and CEO of National Agents Alliance, the largest mortgage insurance broker in the nation.
One of the great benefits of mortgage protection is having all your monthly premiums returned to you when you outlive your mortgage payments. You will get back every single dollar that you spent during that term period.
Ridgeway Protection Insurance serves the Acadiana area around Lafayette, Carencro, Opelousas, New Iberia, and Cecilia. Ridgeway Protection Insurance offers unparalleled service and competitive quotes to clients throughout the entire State of Louisiana!