Have you recently bought a home? Are you planning to buy one? Learn how mortgage protection strategies using life insurance from New York Life can protect your family and investment.
As a homeowner, you have so much to look forward to: exploring the neighborhood, making new friends, and creating memories your loved ones will cherish for the rest of their lives. That's a future worth protecting—and that's why this customized solution makes so much sense.
Mortgage protection helps make sure that the people you love can remain in the home they love, even if you pass away before the mortgage is paid off.
Since you never know when the unthinkable will happen, mortgage protection from New York Life uses a combination of life insurance products to make sure your loved ones will always have enough cash on hand to keep up with the payments or retire the mortgage.
This brief video should help you get started.
New York Life offers mortgage solutlons with two layers of protection.
It's always useful to learn a little more. Take a look at these helpful insights.
While both are important, the two have very different objectives. Homeowners insurance protects your property against physical loss or damage, and mortgage protection from New York Life uses a combination of life insurance products to make sure your loved ones have the money needed to retire your mortgage or keep up with the payments if you pass away.
In a word: flexibility. Our mortgage protection solution is unique because it gives you the freedom to customize it to meet your specific needs. And, unlike most lender-sponsored plans, benefits are paid directly to your loved ones (not the mortgage-holder), so they can use the money however they want.
Chances are, your need for financial protection will change over the course of your 15—30 year mortgage. Most homeowners need more protection during the early years—when their loan balance is highest—than they do later when their home equity begins to rise. That’s why this solution provides two layers of protection:
1. Cost-effective term life insurance—so your family has more protection during the early, critical years of homeownership.
2. Your choice of long-lasting life insurance policies (whole life or universal life) to cover the entire length of your mortgage—and possibly longer.
*Pew Research Center: "In a Recovering Market, Homeownership Levels Are Down Sharply for Blacks, Young Adults," 2016.