The details of any home insurance plan in Lufkin, Texas will vary based on the situation and the specific policy that you purchase. When you are worried about an untimely demise and the impact on your family’s ability to make payments on a mortgage loan, you may wonder if your plan will cover your expenses after the event.
When one’s insurance provider offers to make installments on a mortgage, the details and exceptions related to that offer will vary. For example, your mortgage may be paid if your home is no longer livable due to a storm, but it may not pay if you die.
The details related to a specific policy will vary based on the clauses and exceptions that are laid out by the insurance provider. Some insurers will have an option to make short-term payments while your family gets back on their feet while other insurers will not.
Reading the Fine Print
Before you assume that you are covered, take the time to read the fine print on your current policy. Find out if there are any exceptions or clauses that may prevent loved ones from having options to make payments or the duration of time that payments are made if you pass away unexpectedly. In some cases, you may want to purchase additional protection to pay off the house if you die unexpectedly and leave behind a debt for your family to repay.
Leaving behind financial obligations for loved ones is never a peaceful way to pass on, but measures are available to help reduce the burden so that you do not need to worry about loved ones if you are involved in an accident. To learn more about insurance options, contact us to talk to an independent agent today.