We insure our homes against fire or other disasters, but many don’t consider the possibility of losing their home due to the death of one of the homeowners. Like fire or flood, it’s not something we like to think – or talk – about.
We at Lowdermilk & Associates have partnered with Midland National to offer Mortgage Protection and Mortgage Acceleration solutions.
In addition to death benefit protection, Life insurance can provide funds to keep your family in your home. Life insurance proceeds are generally free from federal income tax. Your beneficiary could use the death benefit for any number of financial needs – including mortgage payments.
Life insurance has other applications toward your mortgage as well. Permanent life insurance includes a potential cash value element that grows tax-deferred inside the policy.1 This cash value can be accessed through policy loans and withdrawals2 that can be used for a variety of living needs, including early mortgage payoff. Midland National’s permanent policies provide a number of loan options. You aren’t required to repay a policy loan, but policy loans and withdrawals will reduce your policy’s cash value and death benefit.
Submit a request using the form on the right side of this page to request more information.