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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.

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mortgage protection

American National
Mutual of Omaha Life Insurance Company
Sagicor
American General life insurance co
Mortgage Protection Life Insurance
Assurity Life Insurance

Is mortgage protection insurance worth it

is mortgage protection insurance worth itWhen 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.

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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Do I need mortgage protection life insurance

mortgage protection life insuranceIs 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.

Mortgage protection insurance in case of death

mortgage protection insurance in case of deathEnvision 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

mortgage protection insurance providersMortgage 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.

Mortgage Protection Insurance Calculator

mortgage protection insurance calculator

Life Insurance Need Calculator
This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive.

Funeral cost, estate taxes, etc. ($):
Amount needed to pay off non-mortgage debt ($):
Amount needed in emergency fund ($):
Amount needed in college fund ($):
Expected average annual living expenses ($):
Expected spouse's average annual income after taxes ($):
Annual Social Security Benefits ($):
Spouse's current age (#):
Value of current liquid assets ($ total of savings, investments, etc.):
Expected survivor's investment strategy:
Life insurance needs:

FAQ’s

 

Is mortgage protection real?

While mortgage life insurance can protect you—the borrower—and their heirs, mortgage insurance protects the lender if the mortgagor isn’t able to fulfill their financial obligations. Premiums are either paid separately or are rolled into the borrower’s regular monthly mortgage payment.
 

What kind of insurance pays off a mortgage?

Both term insurance and mortgage life insurance provide a means of paying off your mortgage. With either type of insurance, you pay regular premiums to keep the coverage in force. But with mortgage life insurance, your mortgage lender is the beneficiary of the policy rather than beneficiaries you designate
 

Does my mortgage include life insurance?

Legally, you don’t have to take out mortgage life insurance if you take out a mortgage. However, many mortgage lenders will insist on it to protect their loan in the event of a householder’s death. And you might want to buy life cover anyway if your loved ones would struggle to pay the mortgage should you die
Mortgage Protection Insurance | Coach B. Insurance 1
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