Mortgage protection insurance

There are mortgagees who pay an extra amount with their mortgage payment to get the benefits of paying off the total loan earlier. But, life often throws a curveball. What would happen if the mortgagee dies before the mortgage is fully paid? A well-crafted whole life insurance policy can help protect the mortgagee‘s family from foreclosure as well as to pay off the mortgage earlier. By the way, thanks to the insurance proceeds received, the mortgagee’s family may even be able to choose to buy a fully paid up new home at their chosen location or in a better neighborhood which is more convenient for children’s education.