A return of premium (ROP) life insurance policy is a type of life insurance policy that returns the premiums paid by the policyholder 

If the policyholder outlives the term of the policy. Here's how you can use an ROP life insurance policy for mortgage protection:

Determine the amount of coverage you need: The first step is to determine the amount of coverage you need to pay off your mortgage in the event of your death. This should include the principal amount of the mortgage, as well as any interest and fees that may be due.

Choose the term of the policy: The term of the policy should correspond with the length of your mortgage. For example, if you have a 30-year mortgage, you may want to consider a 30-year ROP life insurance policy.

Purchase the ROP life insurance policy: Once you've determined the amount of coverage and the term of the policy, you can purchase the ROP life insurance policy. This type of policy may have a higher premium than a traditional life insurance policy, but you will receive a refund of your premiums at the end of the mortgage loan.

Make premium payments: You will need to make premium payments on the ROP life insurance policy for the duration of the term. These premiums may be higher than those of a traditional life insurance policy, but you will receive a refund of your premiums if you outlive the policy term.

Collect your refund: If you outlive the term of the policy, you will receive a refund of the premiums you paid. You can use this refund to pay off your mortgage or for other expenses.

Using an ROP life insurance policy for mortgage protection can provide peace of mind knowing that your mortgage will be paid off if you pass away. It's important to consult with Elizabeth Peraza at Agent Liz Vegas Insurance Agency to determine if an ROP life insurance policy is the right choice for your needs.

Call Elizabeth today for personalized assistance

702-886-2287