Securing Your Family’s Future: Cross Country Mortgage Protection Insurance

Buying a home is likely the largest investment you’ll ever make. It provides security, stability, and space to build memories with your loved ones. But unexpected hardships can jeopardize your mortgage and put your family’s financial future at risk. That’s why having the right protection is essential.

Cross Country Mortgage offers various insurance options to safeguard homeowners against life’s uncertainties. Keep reading to learn about Cross Country’s mortgage protection offerings and how they can give you peace of mind as a homeowner.

What is Mortgage Protection Insurance?

Mortgage protection insurance refers to policies that provide a benefit if you pass away or have an illness or injury that prevents you from working and earning an income. The payout can be used to pay off your remaining mortgage balance so your family retains ownership of the home.

There are three main types of mortgage protection insurance offered by lenders like Cross Country:

• Mortgage life insurance – Pays off mortgage if you pass away.

• Mortgage disability insurance – Covers mortgage payments if you’re ill or injured and can’t work.

• Mortgage critical illness insurance – Provides a lump-sum payout if diagnosed with a covered critical illness.

This coverage offers financial security for your loved ones so they can maintain their lifestyle and keep making memories in the family home you worked so hard to own.

Why Mortgage Protection Matters

Insuring your home loan provides important benefits:

• Avoids foreclosure – Keeps your family in the home by paying off the remaining mortgage balance if you pass away or can’t work due to disability.

• Covers monthly payments – Disability coverage helps make monthly mortgage payments during an extended injury or illness.

• Eases financial stress – Benefits let your family focus on healing instead of worrying about losing the home.

• Locks in insurability – Securing coverage when young and healthy avoids being denied later due to old age or health issues.

• Offers peace of mind – Knowing your family is protected gives comfort and reduces anxiety as a homeowner.

Cross Country Mortgage Insurance Options

Cross Country Mortgage partners with highly-rated insurance carriers like Minnesota Life to offer lender-paid and voluntary insurance choices:

Lender-Paid Coverage

• Mortgage life insurance – Cross Country provides up to $20,000 of mortgage life insurance for eligible borrowers at no cost. This helps cover the balance in the event of your death.

Voluntary Policies

• Mortgage life insurance – Purchase additional term life insurance from $10,000 to $300,000 to fully pay off your mortgage if you pass away.

• Mortgage disability insurance – Optional coverage is available to cover monthly mortgage payments if you’re disabled from a covered accident or illness.

• Mortgage critical illness insurance – A lump-sum payout up to $50,000 helps cover medical bills, daily expenses, and mortgage payments if diagnosed with a covered critical disease.

Purchasing voluntary coverage is quick and easy through Cross Country’s online benefits portal. Premiums are paid via convenient payroll deductions.

How Much Coverage Should You Have?

Determining adequate mortgage protection insurance limits requires calculating:

• Remaining mortgage loan balance

• Other outstanding debts you want covered

• Monthly mortgage payment amount

• Other income sources like savings and your spouse’s earnings

• Final expenses and Inheritance goals

As a general guideline, total life insurance equal to 8-10 times your gross annual income is often recommended for families with a mortgage. But your individual needs may be higher or lower.

Work with a Cross Country Mortgage advisor or insurance agent to analyze your finances and home loan details. They can provide expert advice on customized coverage.

Why Choose Cross Country for Protection

Choosing mortgage protection insurance from your lender provides advantages:

• Trusted lender relationship – You already have confidence in Cross Country Mortgage.

• Easy enrollment – Purchase coverage along with your home loan via a single convenient process.

• Payroll deductions – Premiums are easily paid through payroll when buying voluntary policies.

• Policy coordination – Coverage details and terms integrate directly with your mortgage.

• Customer service – Cross Country has dedicated support teams ready to help address any issues.

• Guaranteed approvals – No hassles qualifying for coverage when purchasing at loan closing.

Give Your Family the Gift of Security

Owning a home is fulfilling but also carries great responsibility. Mortgage protection insurance from Cross Country Mortgage reduces worries and ensures your family keeps your home even if you’re no longer there to care for it.

Contact a Cross Country Mortgage advisor today to discuss policy options and premium estimates. The right mortgage protection coverage allows you to enjoy homeownership knowing your loved ones are fully protected.