What's In A Solid Mortgage Protection Plan?

Mortgage Protection Insurance is a great deal more than just a way to pay off the balance of your home loan if you or your spouse passes away. Mortgage Protection is a complete package of different types of coverage designed to ensure that no matter what happens to you, you and your family will be able to stay in your home and not end up broke - or even suffer any damage to your credit.

Of course, if you or even if your spouse dies, the policy will pay you the face amount which can be use to pay off your mortgage. And if you're hurt working around your house, injured on the job or you're in an automobile accident and can't work for awhile, your Mortgage Protection coverage can provide disability benefits (if you qualify) to provide you with the necessary cash to ensure that your mortgage payments continue to be paid. You don't have to worry about losing your house while you're recuperating. Further, it is possible to have unemployment coverage as well (if available in your state), so that if you lose your job, your premiums will be paid for up to 6 months. And that money will come directly to you, not your mortgage company, so you have control over your money. Remember, Mortgage Protection Insurance policies are designed to help you not some loan company.

Waiver of Premium

Even if these benefits were all there is to Mortgage Insurance, it would obviously be better for you and your family than a simple term life policy.  But there is the possibility of a "Waiver of Premium" clause that allows you to skip paying your Plan Premiums for a period - letting you deal with what caused your actual disability or unemployment claim.

So not only can you receive money, you'll be able to save money too!  But probably the most remarkable feature available on our Mortgage Protection is the Return of Premium provision (if available in your state). If you'd like, you can arrange to have most if not all of the money you've paid over the years returned to you at the end of your policy term in one wonderful, tax-free lump sum! That's money you can put straight into a retirement plan or just spend on yourself because you deserve it!

The cornerstone of any mortgage protection plan is, of course, the Mortgage Life Insurance component. Your policy will provide survivors with a tax-free benefit to pay off your mortgage and possibly cover some final expenses. This coverage is available for all members of your family, including children - even if their names aren't on the mortgage. It's also possible to cover yourselves for Critical Illness protection to provide immediate funds to you should you suffer a covered critical illness. A particularly compassionate coverage available to you is the Terminal Illness Plan. Should you become terminally ill, you can access up to 50% of your policy's value to meet expenses while you're still alive!

 

In addition to the peace of mind you receive knowing that your family is provided for if the worst happens, you'll also rest a little easier knowing that you're covered for up to two years in the case of disability. If you or any covered member of your family is disabled in a covered accident the disability coverage will provide cash payments to you to pay your mortgage. These payments will be made in addition to any other disability or critical illness payments you may be receiving.

We have seen that Mortgage Protection Plans can provide for both you and your family if you die or if you become disabled.  While that is comforting it doesn't account for what's probably the most likely problem to befall you - unemployment.  You can easily cover your situation with a benefit that will pay your policy premiums up to six months and keep all your coverage in force while you look for new employment.  If it is available in your state it this is a great benefit.  The alternative is to use up your savings leaving you poorer than you have to be.  Don't let this happen.

 

Return of Premium

One of the most unique features of our policies is the return of premium rider that refunds every penny of premium when you live to the end of the policy term - just like getting your policy for free if you never needed it! This money comes directly back to you tax-free. Though many folks roll their distribution into some kind of retirement vehicle, it's also nice to use the money to pay off your mortgage or give your family a nice vacation together.

Extended Premium Guarantee

Another unique feature of Mortgage Protection Insurance is an extended premium guarantee (stated in the policy contract) that will absolutely guarantee that the premium rate you lock in today will be the same rate you pay through the life of the plan, providing you qualify.

The application process is quick and simple. Often no medical exam is required! You should have an answer in just a few days. It's that simple to start a plan that will protect you and your family for years to come.
 

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