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Mortgage Protection Insurance
The #1 reason to have a mortgage protection policy is so loved ones can stay in their home when you are gone. Your home is often your biggest debt, so it’s important that you have a life insurance policy with enough coverage to cover the cost of keeping your family in the home.
Is mortgage protection worth it
When it comes to most homeowners, the mortgage loan is often the single most significant source regarding personal debt—generally covered with a Mortgage Protection Insurance Policy.
Mortgage insurance is an individual life insurance policy provided by Coach B. Insurance Agency. It is tailored to cover that financial obligation in the event of your death.
What is mortgage protection insurance? Mortgage life insurance is life insurance that protects a homeowner and family members, just for a set particular time—usually, the duration of the mortgage loan term. In case the covered primary income earner passes away during your mortgage term, the carrier could give the death benefit to the remaining family members. Therefore they could use the money to pay off their remaining balance on their mortgage loan.
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Coach B. saves you up to 60% by comparing the top-rated companies on our quote and apply platform.
Do I need mortgage protection insurance services
Is mortgage protection insurance required? No. Coverage is typically chosen to replace one’s salary, which means that your wife and kids don’t need to scramble to cover the mortgage loan or other expenses once that you are gone. With Coach B’s mortgage protection, you even have your option of receiving all of the one’s cashback if you don’t pass away. Suppose it’s inside the term length of the insurance policy.
How does mortgage protection insurance work in case of death
Envision the most unfortunate situation scenario. A deadly accident right now would undoubtedly push your family to encounter economic hardship instantly. Then you have to add in one’s final expenses. Your mortgage payment is due; however, your family will have no way to start paying it without having your income. Many people haven’t even experienced sufficient time to grieve, plus now they have to contend with the upcoming misfortune of foreclosure.
Like many life insurance policies, mortgage protection helps reduce the financial problem for a person’s loved ones if you’re gone. The product is an affordable means of security, ensuring that the house will be paid for. No matter the situation. One’s family will by no means be at risk of losing their home as long as you place a customized mortgage protection program in place.
Once you might be a homeowner, you could receive a free mortgage protection quote using our quote engine or by calling our toll-free number 800-342-1537. Our whole team of very talented mortgage protection specialists will certainly work with you to create a plan that offers the protection your family needs at a price you can afford.
Mortgage protection insurance cost and benefits
- No Medical Exam Required
- Quick Issue
- Qualify with some health Issues (diabetes, etc.)
- Recieve Benefits in Lump Sum or Recieve in Monthly payments
- Benefits paid directly to your beneficiary not the Bank or Mortgage Holder
- Accelerated benefits you can use if diagnosed with a terminal or critical illness
- Return of all your premium option at the end of term
- Disabilty Rider Available
Best mortgage protection insurance companies
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled. Here are a few of the insurance carriers we use for mortgage protection.
- SBLI
- ASSURITY
- GERBER
- KEMPER
- AIG
- FORESTERS
- MUTUAL OF OMAHA
- AMERICO
Mortgage Protection Insurance Calculator
Frequently Asked Questions
How much should mortgage protection insurance cost?
The cost of mortgage protection insurance depends on several factors, including the value of your home and how much coverage you want to purchase. Generally speaking, prices can range from 0.5% to 2.0% of the total loan amount per year.
How Long Do You Have To Have Mortgage Protection Insurance?
Mortgage protection insurance is typically required for the entire mortgage term, which is usually 15 or 30 years. Most policies will cover you until the loan is paid in full, or you can no longer make payments due to death, disability, or job loss.
Can a Senior Citizen Get Mortgage Protection Insurance?
Yes, a senior citizen can get mortgage protection insurance to provide extra financial security in the event of an unexpected illness or death. It provides policyholders with a lump sum paid out in the event of death or disability to cover mortgage payments and other associated costs.
