Purchasing a new home can be both exciting and stressful. For many people, a mortgage is the largest investment they will make in their lifetime. But would your loved ones be able to cover mortgage payments if something unfortunate were to happen to you?
Don’t let worries like this add to the stress of purchasing a home. Term life insurance from Foresters Financial offers an affordable solution to mortgage protection and can be tailored to meet your unique needs.
What is term life insurance?
Term life insurance can be an affordable life insurance option. It provides a fixed death benefit for a fixed premium payment, over a fixed period of time. Your premium payments are guaranteed and will remain level for the term you select.
But my bank is offering me mortgage insurance
Your bank or other mortgage lender will likely recommend their mortgage insurance. However, regular mortgage insurance offers you little control in what happens to your coverage. The lender is the beneficiary and decides how proceeds are spent while your coverage declines as you repay your mortgage.
With Term Life insurance from Foresters, you’re always in control. You own the certificate, decide who the beneficiaries are and your coverage amount remains level even though the mortgage balance decreases. And if you decide to move your mortgage to another financial institution, your term insurance goes with you. You do not have to reapply for coverage and your rates won’t increase.
More than just mortgage protection
What’s more, because term life insurance can be used for a range of time-sensitive expenses, and not just mortgage protection, you’ll have the option to renew your
certificate once the mortgage is repaid or convert to a permanent or universal life insurance plan. Premiums and the death benefit are guaranteed plus there’s a wide selection of terms, issue ages and valuable built-in features.
Your insurance, your life, your way
Term Life insurance from Foresters offers you options to customize your coverage and also provides you the opportunity to contribute to your favorite causes with our Charity Benefit provision.