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Reasons To Use Life Insurance As Mortgage Protection

Modified on January 28, 2022 at 7:04 PM

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Owning a home is one of the proudest moments of anyone. It means having somewhere you can call your own and raise your family. Financially, it’s also a huge asset that needs to be protected especially if you acquired it using a mortgage.

Mortgage protection insurance is a form of life insurance that clears any outstanding balance if you pass away before paying off a mortgage. Usually, your bank could sell that property or ask your spouse or co-signer to shoulder the financial responsibility of the mortgage.

If you want to avoid this kind of situation, we highly recommend you take out a mortgage life insurance cover. Below are five reasons we think it’s useful.

Pays off your mortgage balance upon death

The main benefit of taking out a mortgage life insurance cover is to help pay off any outstanding mortgage balance you may have left behind upon your death. If your family has no other source of income other than your salary, it can help lift the burden off them. Most importantly, the policy ensures that they do not lose their vital asset due to non-payment.

You can choose from multiple insurance options

As we mentioned earlier, mortgage protection is a form of life insurance. With this, there are two types of policies to choose from namely, level term and decreasing term insurance.

Below is how each works:

Decreasing term life insurance, which is the most common, pays the reducing balance on mortgage repayment. The assured sum decreases as you approach the end of your mortgage repayment period. On the other hand, the level term mortgage protection is best suited for cases where the mortgage is interest-only.

In both cases, the insurance provider protects your beneficiaries against evictions, which would otherwise occur due to a pending house loan. With this, you save your family from the emotional turmoil that losing a home can potentially bring.

Provides funds to meet other household costs

Where the insurance offers death benefits in the form of lump sum cash as in the case of a level term cover, your family can take care of other household expenses aside from the mortgage.

As with any home, there are recurrent bills that need taking care of including living costs and debts. In your absence, these can be burdensome on those who depend on you especially if you were the only breadwinner.

Life insurance makes mortgage repayment affordable

Mortgage protection that stems from a decreasing term life insurance policy is a cost-effective technique of repaying the mortgage. As you approach the end of your repayment period, the amount that you pay as a premium also decreases.

Although the assured amount decreases with time as well, it is a win-win situation. If you pass away, your insurance provider takes care of the financial burden of mortgage repayment. And if you outlive your plan, you clear the loan yourself. Either way, your family is guaranteed to have a permanent home at the end of it all.

When choosing a policy, we recommend you go with one that’s within your budget. You can hire an insurance broker to search the market and find you a plan you can afford even with your other household expenses.

Mortgage life insurance supports both single and joint policies

As with most life insurance forms, you are allowed to choose how to pay your premiums. For starters, you can list your partner as a second financier if both of you are working with the joint policy. In case you pass away, your partner can continue to meet the insurance cost. With this, your loved ones get a suitable cover that takes care of important financial burdens including a mortgage.

On the other hand, two single policies can pay out separately in the event you and your partner pass away. So, one partner can choose to insure against mortgage while the other against other aspects of your life.

Conclusion

So there you have it – everything you’d like to know about taking out a mortgage protection cover and the benefits of having it. If you have any further questions or need clarification on anything above, please do not hesitate to ask us in the comments below.

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Posted By The Fashionable Housewife
on January 9, 2021 at 12:59 PM
Filed Under: Finances, Home Improvement, Home Life
Tagged With: finances, insurance, insurance company, life insurance, mortgage, mortgages

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

Disclaimer

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Sarah-Jean Ballard

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
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This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
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No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

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#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
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The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
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Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

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Considering he was my 6th child, it's possible he would have been here by now. It’s been extra hard for me this week. 

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In an instant, my baby was gone and there was nothing I could do to change that. 

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Those who haven't experienced loss tell you that "Don’t worry! Things will get better, just focus on the positive!" but people who actually know this grief and what it actually feels like to lose a baby, won’t tell you that. They know this hard road. They understand that unfortunately you don't just “get over it.” 

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
Kids love helping if you just let them!💁🏼‍ Kids love helping if you just let them!💁🏼‍♀️

This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
When your toaster breaks from a power surge you ta When your toaster breaks from a power surge you take that as a sign that it’s time to upgrade! 🤪

It wasn’t hard to pick a new 4 slice toaster. As soon as I saw this one from @haden_usa I added it to my cart. I bought it from @lordandtaylor because it had the fastest shipping and I didn’t want to wait! 

No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
I’m obsessed with these leather booties from @en I’m obsessed with these leather booties from @enjoiya! 💃🏼 

The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
All the poop shoveling doesn’t seem so bad with All the poop shoveling doesn’t seem so bad with the prices of eggs right now! 🤪 🐔 🥚 

Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

#momlife #crazychickenlady #homesteadlife
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