A simple checklist to help you see, in plain English, whether your family could keep the house if something happened to you.
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It's insurance meant to pay off, or help pay, your mortgage if something happens to you. Depending on the policy, that can include death, disability, cancer, heart attack, or stroke.
What's covered varies by carrier and policy, so always read the details before you decide.
The lender still expects the payment. Your family would need to keep paying from other income or savings, refinance, or possibly sell. Some loans can be taken over by an heir, but that depends on the lender and your situation.
Insurance can give your family money to help cover the payments, so those choices are less forced.
Some families use a properly structured cash-value life insurance policy as one tool to help pay down debt over time, while keeping life insurance protection in place.
It isn't right for everyone. Results are not guaranteed, and policy illustrations are projections, not promises. It is not tax, legal, or financial advice. Ask us how it would work in your case.
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