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Mortgage Protection Life Insurance

The pros and cons of a mortgage protection insurance policy and whether or not you should have one.

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mortgage protection life insurance

Using mortgage protection insurance to pay off mortgage

mortgage protection insuranceMortgage Protection Life Insurance is generally the phrase used for affordable life insurance which usually covers your mortgage loan. Furthermore, in case anything was actually to happen to you, all of your life insurance benefits may be applied to paying off one’s house in full. Therefore, eliminating the substantial burden regarding making mortgage loan payments, or perhaps in more serious cases, relinquishing the house completely.

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Being familiar with a mortgage protection plan

mortgage protection planAnytime you invest in a new home, you will almost immediately start to see sales letters in the mail wanting to offer you mortgage protection life insurance to cover your new mortgage loan in the event of your death.

One of the oldest mortgage protection life insurance products on the market happens to be a product known as “decreasing term”, in which the payout ends up being reduced over time although your regular monthly premiums remain the same. A large number of these types of policies sold tend to be not only costly and yet they seldom ever pay a benefit.

A better way to go whenever in the market for life insurance to cover your new house is either an Accidental Death (the least expensive) policy or a non-medical term life insurance plan (the better coverage).

Covering your household with the best mortgage protection life insurance policy will help make sure that your spouse and children never ever have to be concerned about having a home to live in just in case something comes about to restrict you from becoming able to furnish for their needs.

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Mortgage protection insurance vs life insurance

mortgage protection insurance vs life insuranceThere are actually three primary kinds of life insurance plans that men and women utilize to pay off there mortgage.

Decreasing term life insurance:

This is by far the most known mortgage protection life insurance product and also the absolute worst life insurance products there is available on the market. Under this particular type of product, the amount you shell out every month remains the same although the face amount of insurance decreases over time. Whenever purchasing a new home, these types of policies are usually offered through the lender.

No exam term life insurance:

The most effective means to protect your family members and your new house is with a term life insurance plan that doesn’t call for a medical examination. Most of these types of plans commonly have a level benefit (the face amount and the monthly premium remains fixed for the entire term of the policy), making this a much better value and product than a decreasing term policy.

Mortgage protection life insurance no medical questions

No.

For example, a 40-year-old non-smoking male can get $250,000 in 20-year non-medical term life insurance, for around $32 per month.

Quite simply, mortgage protection life insurance is a minimal price for the level of comfort knowing that your family members and your home is protected, even in the most severe situations possible.

Term life insurance

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Highlights:

  • Very Affordable
  • High coverage amounts
  • No medical exam
  • Coverage amounts: $25,000 – $500,000

Our professional advice:
Despite the fact that the majority of mortgage protection life insurance programs out there tend to be what is known as “decreasing term” (in which the benefit gets smaller, but the premium stays the same), every one of our term life benefits, as well as premiums, remain the exact same through the entire term of the policy. Learn more

Accidental death & dismemberment

Key Features:

  • Very Budget Friendly
  • Can’t be Declined or Turned Down
  • Instant Issue
  • Covers amounts from : $50,000 – $500,000

Our knowledgeable advice:
Given that death as a result of an accident is a lot more common, obtaining an AD&D policy needed for the whole amount of the mortgage balance on your home will definitely help your family pay off everything that is owed regarding the mortgage in case of a loss of life due to an accident. Preserving your family’s house and the foreseeable future shouldn’t need to be expensive. Learn more

Is mortgage protection life insurance important?

ABSOLUTELY. Your home very well is the biggest expenditures and assets of your family’s lifetime. Making sure you have your home protected for your family is vital. Buying a separate life insurance plan that will help keep your family in the home for years to come is the key.

In lots of situations, providing a separate plan to cover your home offers you the capability to stop having to pay for the protection minus the need to alter any other current life insurance protection you may possibly have.

God forbid something happens to you, mortgage protection life insurance is what makes your family’s housing situation will always be taken care of.

how much is mortgage life insurance per monthHow much is mortgage life insurance per month

AgeFemaleMale
25$19.82$25.36
35$23.72$27.85
45$46.27$33.22
55$109.88$151.42

Methodology: Rates are calculated for non-smokers in a Preferred health classification, buying a $500,000, 20-year, no-medical-exam term life insurance policy. This calculation is a composite of carriers that offer policies through our partner policygenius, including Brighthouse, Foresters Financial, and Lincoln Financial, and may vary by carrier, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 4/01/2022.

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How does a  mortgage protection specialist work?

mortgage protection specialistAs an independent plan to your traditional life insurance coverage, working with a mortgage protection specialist at Coach B. Insurance will help you find the right policy to  proect you during the full term of the mortgage all while having the face amount of the policy stay the same. Also, having the premiums stay level as well for the life of the policy is a wonderful benefit.

Better yet, the mortgage protection life policies we offer require no medical exam. Therefore, shortening the underwriting time and making it much faster to get the coverage in place.

After a few years as you pay down your mortgage, you might choose to cancel the plan once the total owed no further has an effect on the economic future of your household in the event anything were to take place with you. In case you wished to continue it, you may do so or convert it to a whole life policy with absolutely no underwriting limitations.

Mortgage Protection FAQs

How much mortgage insurance do I need?

Take your current mortgage loan amount (first and second mortgage) and rounded it up or down to the nearest $1,000 dollar increment.

Because this is a stand-alone policy dedicated to covering your mortgage in the event of your death, you will want it to be pretty close to what is currently owed.

How do you purchase mortgage protection life insurance?

Talk to an independent life insurance agent, like Coach B.

Simply being in a position to shop over 25 mortgage protection companies definitely will help you find the very best insurance policy at the very best price. Mainly because independent agents represent several life insurance companies, they have a greater experience in knowing which company has the best coverage for your individual situation as every person is different, when comparing to other agents who represent only one company.

Coach B. is one of the only select few insurance agencies in the United States that allow you to see your mortgage protection quotes online and fill out the application without ever having to speak with an agent! Although, we are always ready to help with anything you need.

How do I cancel mortgage life insurance?

Simple. If you think you don’t need your mortgage protection life policy any longer, all you have to do is pick up the phone and call the insurance company to cancel.

Given that these policies are mortgage term life insurance policies that don’t have a cash value, canceling coverage is simple and fast. Don’t need the protection anymore, give the insurance company a call and they will cancel it right away.

Meet the team

About Coach B.

After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.

In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.

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