Reports from the real estate sector show that the average cost of a home in Texas is $258,000. Obviously, some homes are a bit more expensive whereas others might be slightly less costly. Still, each one comes with monthly mortgage payments that must be made on time and in full. For many families, that’s a significant struggle even under favorable circumstances. Having Texas mortgage protection insurance can ensure you can always pay for your mortgage.
Looking at the Possibilities
What would life be like for your family if its main income provider were to suddenly pass away or become unable to work due to an injury or illness? You may have life or disability insurance, but would those policies cover all of your family’s expenses? For most families in Texas, the answer is no. While those types of coverage certainly help, they tend to fall short of people’s needs.
Finding a Solution with Texas Mortgage Protection Insurance
Mortgage protection insurance can help bridge the gaps. This coverage is designed to pay off policyholders’ mortgages if they pass away before they’re able to do so themselves. Policies are available to cover the full array of home values, and they’re offered in various price ranges from $5 per month to more than $500.
With mortgage protection insurance, or MPI, Texas policyholders don’t have to worry about their families losing their homes if they pass away. In such a case, the MPI coverage provider would send a payout for the remaining mortgage balance directly to the lender.
Some policies also cover debilitating injuries and illnesses to an extent. Not all injuries and medical conditions are covered, but many are. If a policyholder succumbs to one of the covered issues, MPI will cover a specified number of mortgage payments.
What Are the Benefits of MPI?
Knowing your family would be protected if something happened to you is a major advantage of MPI. With most Americans struggling to cover basic expenses these days, having mortgage protection insurance could certainly take a great deal of weight off of your family’s shoulders.
Additionally, you don’t have to worry about being denied MPI coverage even if you have a preexisting medical condition that could lead to death or disability.
From the perspective of disadvantages, one of the main points to consider is where the money goes. As mentioned, it’s sent straight to your mortgage lender, so you don’t get to choose the beneficiaries.
Keep in mind, it only covers the remaining balance on your home. This coverage doesn’t apply to funeral expenses or other matters.
Cost should also be taken into account. Although Texas policy prices vary, certain factors could drive up the cost of coverage. These include age, home value, and being employed in a dangerous profession to name a few.
Get Covered with Texas Mortgage Protection Insurance
If something were to happen to you, and you could no longer provide an income for your family, mortgage protection insurance would ensure they had a roof over their heads. A great deal of peace of mind can come from that knowledge.
With a variety of policies available for Texas homeowners, there’s a good chance you’ll be able to find an affordable solution to cover your situation. So get a quote or calculate your MPI payment today.