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.
Whether you are a first-time homebuyer or seasoned property owner, mortgage protection from New York Life gives you the freedom to mix and match products so that it’s easy to meet your short- and long-term needs.
Knowing how cash strapped new homeowners can be, this approach relies heavily on term life insurance—so that you can afford maximum protection when your mortgage balance is highest.
According to a recent article, 81% of adults agree that buying a home is the best long-term investment in the U.S.* That’s why we made sure our mortgage protection solution includes a layer of long-term protection. And because most of these products accumulate cash value over time, you can use this resource to pay for repairs, remodeling, or value-adding improvements.1
What separates our mortgage protection solution from others is the flexibility you receive. You can add riders, adjust your coverage—and in some cases—use benefits during your lifetime to pay off the mortgage.2 And, unlike many lender-sponsored plans, you can take this coverage with you if you move.
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.
1 Accessing cash value will reduce the available cash surrender value and death benefit.
2 Products and riders are available in approved jurisdictions. Names and features may vary, and fees may be involved. Please check with your financial professional for additional details.