Many people think they do not qualify for mortgage protection insurance after a certain age but this is not true.
You can get mortgage protection insurance all the way up to age 80 with many companies, you just need to know where to look.
This article will cover everything you need to0 know about getting mortgage protection insurance as a senior.
If you want to compare quotes for mortgage protection insurance among 15+ different companies fill out our quoter for free.
Table Of Contents
- Mortgage Protection Insurance For Seniors
- Age Limit For Mortgage Protection Insurance
- Mortgage Protection Insurance Cost
- Benefits Of Mortgage Protection In Retirement
Do Seniors Need Mortgage Protection Insurance?
The reason a senior might need mortgage protection insurance is no different from a younger person. If you die you do not want your family to have to pay the mortgage or have any remaining debts.
That’s where mortgage protection insurance comes into play for seniors.
Mortgage protection insurance is simply a small term life insurance policy to pay off the mortgage and any other debts in case they die before the house is paid off.
Age Limit For Mortgage Protection Insurance
You can get traditional mortgage protection insurance all the way up to age 80. Traditional mortgage insurance is just a term life insurance policy.
However, if you are over 80 there are still other options, such as a whole life insurance policy, otherwise known as burial insurance at this age.
You can get burial insurance all the way up to age 90. At this point, not many people still have a mortgage to pay, but if you are over 90 there are not many other options.
Mortgage Protection Insurance Cost
The cost of mortgage protection insurance varied quite considerably, however, if you are healthy you will qualify for the best preferred rates available.
You can get mortgage protection insurance for as low as $13 a month, depending on your age and how much coverage you need.
You can compare 15+ different mortgage protection insurance companies instantly by filling out our quoter. On mobile just select “get quotes”.
Mortgage Protection Insurance In Retirement
Many people operate on fixed incomes in retirement.
A mortgage protection insurance policy will safeguard your house and mortgage in case a catastrophic event happens like a disability or death.
For most mortgage protection insurance policies, you can use a portion of the coverage amount while still living if you are disabled or diagnosed with a terminal illness.
You have the peace of mind in retirement that your family will not be forced out of their home for any reason.