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Mortgage Protection Insurance:
Taking out a mortgage can be a scary proposition. You owe tens or even hundreds of thousands of dollars to the mortgage holder. What happens if a family breadwinner suddenly passes away and a substantial portion of the mortgage remains unpaid? What would happen to you if you were made redundant or suffered a serious illness or accident which prevented you from working for some time. How would your finances bear up under the strain? What is more important, could you continue to make your mortgage repayments or would your home be at risk?
Mortgage protection insurance covers this potential financial disaster. Mortgage Payment Protection Insurance is designed to provide assistance with mortgage and associated repayments if the insured person is unable to work through illness, injury of involuntary unemployment. Furthermore, it may payoff remaining balance incase of insured person's death.
| Mortgage Protection Insurance |
Here are a few of the benefits group mortgage life insurance generally provides. | |
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It pays off most home loans |
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In the event of death, mortgage life insurance will pay off your home loan up to a specified amount. |
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There are no medical exams required |
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n most cases, you won't need a medical exam when you apply for this insurance. |
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Return of Premium |
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You may choose a rider to have all your premium returned to you at the end of the term if the insured does not die during the policy years. If the insured dies during policy years death benefit / face value is paid that may be used to pay off mortgage or take care of other expenses chosen by the beneficiary. This rider must be added at the time of purchase of mortgage protection insurance. | |
| Things to Consider About Mortgage Protection Insurance and Mortgage Accidental Death & Dismemberment. (AD&D) |
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Here are some reasons to consider mortgage life Insurance or mortgage AD&D insurance. |
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Extra Death Benefit Coverage |
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Mortgage life or Accidental Death & Dismemberment (AD&D) death benefits can pay the remaining balance of a home loan, up to a specific amount. Family members can then use money from other life insurance policies you might have to educate children, keep their current lifestyle or meet other needs. |
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Available Even if You're a High Risk |
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Some health problems, hazardous jobs and risky hobbies that make it difficult to get other types of life insurance may not impact the availability of mortgage insurance and AD&D insurance. |
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Affordability |
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Mortgage protection and mortgage AD&D are very affordable. They can be good choices if you want insurance, but are on a limited budget. |
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Return of Premium |
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You may choose a rider to have all your premium returned to you at the end of the term if the insured does not die during the policy years. If the insured dies during policy years death benefit / face value is paid that may be used to pay off mortgage or take care of other expenses chosen by the beneficiary. This rider must be added at the time of purchase of mortgage protection insurance. | |
| How is the Cost of Mortgage Protection Insurance Determined? |
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The insurance premium quoted when applying is determined by |
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Amount of the home loan however you may purchase mortgage protection insurance in bigger face value than the actual loan. |
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Borrower's age & gender. |
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Tobacco use |
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Health condition | |
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A medical exam and or blood may not be required to get mortgage protection insurance | |
The idea behind mortgage protection insurance is straightforward: You pay a premium, which remains the same for the duration of the policy, and if you should die during that time, the insurance pays off the rest of your mortgage. But if you live you can choose teh option to have all your money you paid towards the premium returned to you. This is called "return of Premium" Please fill out the form below and you will be provided with complete details.
There are many types of mortgage protections available and we can help you choose to best fit your needs.
Find out more information, please fill out
mortgage protection quote form,
a Mtg. protection specialist will contact you.
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