There are many insurance products related to mortgages. One is Private Mortgage Insurance (PMI) that typically only protects the lender and is required when there is less than 20% equity in the house. In this case, we are referring to a mortgage insurance policy that answers the question, “How will I make the house payment if my spouse passes away?”
You may already have a standard life or final expense policy to cover this expense. Seniors often choose not to maintain a large standard life insurance policy since they have fewer financial obligations than in previous years. If you have a home loan balance, you might consider a separate term or whole life policy to eliminate this expense, allowing the surviving spouse the ability to stay in the home without large monthly payments.
While life insurance is more expensive for older adults, a small policy to cover certain debts can be affordable and provide peace of mind. With our help, you can meet with licensed representative who will review your current finances and suggest options to offset the financial aspects after the loss of a loved one.