Home / Coverage
Mortgage protection insurance in Charlotte, NC
Mortgage protection is life insurance set up so that if you die, your family has the money to pay off the house or keep making the payments.
What mortgage protection is
It is a life insurance policy, most often term life, with a coverage amount and length chosen to match your home loan. If you have a 30-year mortgage, the policy is typically written to cover those 30 years.
Who gets the money
With the policies Family Home Life Insurance offers, the benefit is paid to the beneficiary you choose, not to the lender. Your family decides what to do with it: pay off the loan, keep making payments, or use it for something more urgent.
That is different from private mortgage insurance (PMI), which protects the lender if you stop paying. PMI does nothing for your family.
Who it usually fits
- New homeowners in the Charlotte area who just took on a mortgage
- Households where one income covers most of the payment
- Homeowners who refinanced and reset their loan term
Extra benefits some policies include
Some carriers include or offer riders that let you use part of the death benefit early if you are diagnosed with a serious illness. These features vary by carrier and policy, and are not available to everyone.
What affects the price
Your age, health, tobacco use, the loan balance you want covered, and the number of years. Buying soon after you close usually means a lower price than waiting, simply because you are younger.
This page is general information. What you can get, and what it costs, depends on the carrier and on underwriting. Call 704-495-2552 for options based on your situation.
Questions about mortgage protection
Is mortgage protection required by my lender?
No. It is optional coverage you choose for your family. Lenders may require PMI or homeowners insurance, which are different products.
Is mortgage protection the same as term life?
In most cases it is a term life policy sized to your mortgage. The name describes what the money is meant for.
I got a letter in the mail about mortgage protection after buying my home. Is that from you?
Many companies send those letters using public home-sale records. If you want to compare what you were offered against other carriers, call and Vincent will go through it with you.
Other kinds of coverage
Not sure this is the right fit? Most people compare two or three options before deciding.
Ready to see your options?
One call covers every carrier we work with. It takes about fifteen minutes.