|
|
|
|
 |
|
Why Do I Need Mortgage Protection Insurance?Mortgage Insurance keeps your family from suffering total financial disaster by protecting your most valuable asset - your home. Imagine if one of the principal breadwinners in your family were to unexpectedly die - or be unable to work due to sickness or injury. Would you be able to make your house payments? How long would it be before your family lost their home?
What exactly does Mortgage Protection cover?The idea behind Mortgage Protection Insurance is straightforward: You pay a premium, which remains the same for the duration of the policy. If you become sick or disabled and unable to work the policy makes your mortgage payments for you. And, if you die before your mortgage is paid off the insurance pays off the rest of your mortgage completely for your family.
When am I eligible for Mortgage Insurance?Mortgage Insurance is normally available to you as a homeowner during the first year of your mortgage. Sometimes your situation could warrant it later ... as long as you still qualify.
How is Mortgage Insurance priced?Policies take into consideration age, smoking status and other health concerns along with the total amount of your remaining mortgage. Mortgage Protection can be much cheaper than tradition term life insurance. A policy covering a mortgage of $100,000 could cost as little as $50 a month for a 40-year old non-smoker, depending on what state you live in. Your premiums remain the same over the live of your mortgage and end when you get your mortgage paid off. nswer to the question will go into this space. It should be as short and concise as possible.
What if I refinance my house?If you refinance your mortgage, you can get your mortgage protection policy reissued at a more favorable premium. The "death benefit" in this case is the outstanding balance on your mortgage.
Aren't I already making insurance payments?If you purchased a home with less than 20 % down, your lender probably required you to purchase "Private Mortgage Insurance" or PMI. Don't confuse PMI with Mortgage Protection. PMI only protects your lender if you default on the loan! As the Mortgage Insurance Guarantee Corporation points out, "It is unfortunate that people continue to confuse Private Mortgage Insurance with Mortgage Protection Insurance. PMI puts people in homes. Mortgage Insurance pays your mortgage in the event of your death." nswer to the question will go into this space. It should be as short and concise as possible.
Can I cover my spouse as well?Today most mortgages are dependent upon the earning power of both partners. If either was unable to contribute to the household income the house itself may well be in jeopardy. If this describes your situation then you should give serious consideration to coving both you and your spouse. One type of Mortgage Protection Insurance provides joint coverage for you and your spouse. This means the policy pays off when either of you dies. The pricing can be more advantageous than what you'd pay for two individual term life policies.
What if I become disabled and can't work?Well written Mortgage Protection often includes coverage for both spouses in the event that either is unable to work due to illness or injury. The whole idea is to make certain that your family keeps their home no matter what happens.
What if I loose my job?Answer to the question will go into this space. It should be as short and concise as possible.
Can I get my premiums back?Yes! If you get a policy specially designed for you it is possible for you to be able to get every cent you paid in premiums returned to you if you don't use the Mortgage Protection Insurance during the time you are paying off your mortgage. In fact this tax free money can be used to augment your retirement savings or even to pay off your mortgage a few years early. That's right you can get a lump sum of tax free money to use as you choose to at the end of your mortgage. nswer to the question will go into this space. It should be as short and concise as possible. |
Need More Help?This section is compiled from actual questions that homeowners have been concerned with in purchasing Mortgage Insurance. While this are is specialize we will do our best to answer it or refer it to one of our affiliated agents if technical in nature. Just use the form provided at this link
Receive a free copy of our White Paper on the confusion surrounding PMI and subscribe to our 7-Day email series on How To Bulletproof Your Family's Home with a well designed Mortgage Protection Plan that fits your circumstance. |
| Site Designed by Mortgage Insurance Plus, LLC - All Rights Reserved |