Mortgage Protection Insurance is a tool used by many individuals to protect their most valuable asset, for themselves and their families. If you qualify, a plan can be designed to protect you should you suffer a chronic or critical illness, a critical injury or premature death. Best of all, you have the potential to accumulate cash value which exceeds the amount you paid into the policy.
Mortgage Protection Insurance Plans can not only provide funds to pay off your home should you die prematurely, but can also provide a number of ways that you can use the death benefit proceeds while you are still alive.
Many plans offer funding that can be used to make your house payments for you, should you suffer a short-term disability, caused by sickness or injury, and unable to work.
Some programs provide access to the death benefit, without having to die, if you are diagnosed with a:
• Terminal Illness: Diagnosed with a specific period of time to live
• Chronic Illness: Need nursing home or in home care
• Critical Illness: Such as cancer, heart attack, stroke, ALS, cystic fibrosis and many other specified illnesses
• Critical Injury: Such as suffered a coma, major burns, traumatic brain injury, or paralysis
The death benefit does not have to be paid to the Mortgage Company because the plans allow you to choose your own beneficiary (typically a spouse or other relative), and then the beneficiary has the flexibility to pay off the mortgage or use the proceeds however they see fit.
Most plans have a level or increasing death benefit.
Mortgage Protection Insurance provides a way to protect your most valuable asset, your home. Your other life insurance coverage can be used to protect your other financial responsibilities.
If you move, the plan automatically moves with you. If you just refinance your mortgage, your plan remains with you as is.
Homeowners insurance is designed to protect the dwelling from damage caused by fire, tornado, or other peril. Homeowners insurance does not protect you from the financial devastation that may be caused a terminal or chronic illness, a critical injury or premature death.
Plans that accumulate cash value can provide a source of funding which can be used at your discretion, even for house payments, in the event you lose your job or suffer a disability.
Yes, even someone who is not listed on the mortgage can be considered for coverage on a Mortgage Protection Insurance plan.
Typically, you will have to medically qualify for any full-benefit policy. Your acceptance is not guaranteed. However, we can help you find the appropriate plan that will best suit your needs and situation.