Why Mortgage Protection Insurance?
Your Home may be the most valuable asset you own. As a parent, you work hard to provide for your children and spouse. Maybe you both work, maybe only one of you works, and the other
stays at home to take care of the kids. The bottom line is how will your family be affected financially should one of you die? Would they lose the house? Would they lose all of the hard
earned money you put into the house? The easiest and most effective way to protect your home and family is through Mortgage Protection Insurance.
The Statistics Nobody Likes to Think About
According to the Commissioners Standard Ordinary Table of Mortality, the likelihood of someone
dying before paying off a 30 year mortgage is:
1 out of 12
1 out of 8
1 out of 6
1 out of 4
1 out of 2
What is Mortgage Protection Insurance
Mortgage Protection Insurance is a product designed with your home in mind, with 15, 20, 25, and 30 year term periods to match the length of your loan. And here is the best part, the full benefit amount goes to your beneficiary, as opposed to your financial institution as it did in the past. This means the money can be used to pay the mortgage, childcare, college tuition, now and in the future, house Cleaning and upkeep for your home, medical bills or other debts, and you can choose if you would like it to be paid in monthly income payments, or a lump sum.
The Mortgage Protection Programs are issued without an invasive medical exam, and are immediately effective once approved for coverage. There are a variety of options that go along with Mortgage Protection Insurance, making it easy for you to customize the policy to fit your specific needs.
How to choose a Final Expense Provider?
How to choose a Mortgage Protection Provider?
Company Financial Strength
It is important when considering Mortgage Protection Providers, to take into account how healthy the finances of the insurance company is. Some insurance companies have much better financial conditions than others, and it is important that when choosing a Mortgage Protection company, your money is going to be in good, trustworthy hands. The companies we work with at Retirement Life Agent are all A rated companies, meaning they have the financial resources and background to provide stability for our clients. This is something we take very seriously.
Not all Mortgage Protection Companies fully guarantee the premium for the entire term of the policy. This means that at some point down the road, you might get a letter in the mail from your Mortgage Protection Company telling you your rates have just increased, and either you pay it or you lose the coverage. At Retirement Life Agent, we only work with providers that guarantee the premiums for the entire term of your policy.
Mortgage protection products offer you the ability to convert your coverage, after the initial term is over, into a whole life policy without you having to medically requalify again. The ability to convert these products can save you the stress and the financial burden of changing health conditions. Many times, if your health changes drastically, you may no longer qualify for many other options, and the ones you do will be substantially more expensive.
Every Mortgage Protection Company establishes its own health and lifestyle credentials, and they use these requirements to determine who may be eligible for their specific products. For example, chronic lung disorders, or high blood pressure may disqualify you from one Mortgage Protection Company, and will be acceptable with another. In order to serve all of our clients' needs, we work with many companies that each have their own individual requirements. So even if you have been turned down before by other companies for health reasons, there may still be options available for you.