ServicesMortgage Protection
Mortgage Protection in Raleigh
If you died tomorrow, could your family still make the house payment? Mortgage protection is a life policy sized to your loan. The money goes to the people you name, not the bank, so they decide how to stay safe and settled.
What mortgage protection is and who it fits
Mortgage protection is life insurance built around one bill: your house payment. We look at what is left on the loan and how many years remain, then set the policy amount and term to line up with both. If you pass away before the term ends, your beneficiary receives the money and can clear the loan, keep paying it or use it wherever the family needs it most.
It is not PMI, and it is not the mortgage life insurance some lenders send in the mail. Those are built to keep the lender safe. A policy you own keeps your family safe, and you choose who gets paid.
For most people this is a type of term life. It makes the most sense when the mortgage is the largest bill you have and one or two paychecks keep it current.
What you get when we set it up
Coverage matched to your loan
We start with your balance, rate and years left. Then we pick an amount that clears the loan with some cushion for what comes along with a house, like property taxes and upkeep.
Level or decreasing options
With a level policy, the amount your family would get stays put from the first year to the last. A decreasing policy steps down as your loan balance does, and that usually keeps the monthly cost lower. We show you both on paper, side by side, and you make the choice.
Beneficiaries set up right
We help you name the right people, plus back-ups. Your beneficiaries are checked every year, so a divorce, a death or a new child does not send the money somewhere it should not go.
A one-page summary
You get a one-page summary of your coverage: what you own, what it costs, what it protects. Keep it with your loan papers where your family can find it.
Help when a claim comes
Your family never has to file a claim alone. We sit down with them and walk through the claim personally, one step at a time.
Signs it is time to cover your mortgage
You just closed on a house
A new loan means 15 or 30 years of payments ahead. That is the simplest time to get coverage in place, while your age and health work in your favor.
One paycheck carries the payment
If the house payment rides on your income, losing you could mean losing the house too. A policy keeps one loss from turning into two.
Your only coverage is through work
Employer life insurance usually stops when you leave the job. It is often just one or two times your salary, which may not come close to your loan balance.
The lender sent you an offer
Those mailers often pay the bank directly and shrink as you pay down the loan. It is worth comparing before you sign.
You refinanced or took out a second loan
A new balance or a longer term can leave old coverage too small or too short. We can check the numbers against the loan you have now.
How it works, start to finish
- 1
A phone call with a live person
You reach a local agent, not a recording. We pick a time to meet at our office or over video, whichever works better for you.
- 2
We look at the loan and your family
Bring a recent mortgage statement if you have one. We talk through the balance, years left, who lives with you and what else they would need to stay on their feet. No pressure, no jargon.
- 3
You compare plain options
We lay out level and decreasing coverage, a few term lengths and the monthly cost of each. You decide on your timeline. Some people sign at the first meeting, others think it over for a week.
- 4
Application and approval
We go through the application with you, question by question, at our office or on the video call. Based on the carrier, your age and your health, you may answer a short set of health questions or schedule a medical exam. We tell you which to expect before you apply.
- 5
Delivery and yearly check-ins
When the carrier approves you, we sit down again, read through the policy together and hand you the one-page summary. Every client gets a yearly review, and we schedule it.
What sets the cost of mortgage protection
We won't hand you a number until we know your situation. The premium depends on a handful of things about you and your loan. We go through each one with you, so the bill holds no surprises, and the plan gets built around your needs and your budget.
- Your age and health
- Carriers charge less to people who apply younger and in good shape. Waiting a few years, or a new health issue, can raise the rate. Smoking or chewing tobacco pushes the price up more than most people guess.
- How much you owe
- A bigger balance calls for a bigger policy, and that costs more each month. Some families cover the whole loan. Others cover a portion and lean on savings for the rest.
- Years left on the loan
- For the same amount, a 30-year term runs higher than a 15-year term. The carrier is on the hook for twice as long.
- Level or decreasing coverage
- A policy that shrinks along with the loan is usually the cheaper pick. A level policy costs more, but as the balance falls, the extra money is left over for your family.
Mortgage protection questions we hear
Something not covered here? (601) 800-6544
Does the bank get the money if I die?
Not with a policy you own through us. The payout goes to the beneficiary you name. That person can clear the loan, keep up the monthly payment or put some toward other bills. Your family makes that call, not the lender.
Is this the same as PMI?
No. PMI covers the lender if payments stop, and your family sees none of it. Mortgage protection is life insurance, and it pays the people you choose.
What happens if I sell the house or refinance?
The policy follows you, not the property. As long as the premium is paid, it stays in force. When life changes, like a new baby, new home or new job, we update your coverage within a week of hearing from you.
Do I have to see a doctor to get covered?
Not always. Each carrier has its own rules, and your age, health and the amount you want all play a part. Plenty of people only answer a list of health questions, while others get a short visit from a nurse. We tell you which path you are on before your application goes in.
Should I get mortgage protection or regular term life?
Mortgage protection is usually a term life policy sized to the house loan. If you also want to replace income, pay for college or clear other debts, a larger term life policy may fit better. If you want coverage that never runs out, we can lay whole life next to it so you can compare.
Make sure the house payment is covered
Talk with a local agent about your loan and your family. We serve Raleigh, Brandon, Pearl and the towns around them, at our office or by video.