Mortgage Protection
Keep the home in the family
Your home is one of the largest investments you’ll ever make. Most families rely on income to keep their house. But what happens if the income stops?
See how you can protect you and your family today.
How can Mortgage Protection help me?
Whether it's just keeping that family home for future generations...
or giving you time to make a decision without the financial pressure...
For most families the mortgage
is their biggest expense.
What would happen to your loved ones if you were to die prematurely, become disabled or critically ill, and your income suddenly disappeared? None of us know what the future will bring, but you can achieve peace of mind today with mortgage protection insurance.
Some of our favorite memories revolve around the home.
A sudden loss of income do to chronic illness or death is one of the leading causes of foreclosures. See how you can prepare for the unseen today.
Mortgage protection insurance is right for you if you want to:
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Protect your most valuable asset
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Ensure your loved ones never have to deal with the fear of losing their home
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Provide financial security if the unthinkable happens
What are Living Benefits...
...and why are they so important?
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Terminal illness benefits gives you access to your death benefit if you’re diagnosed with an illness with an anticipated life expectancy of six months up to two years, depending on the insurance company. For example, if you’re diagnosed with end-stage renal failure with an estimated one year to live, a terminal illness rider might allow you to use the death benefit as a lump sum payment to cover end-of-life care.
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Chronic illness benefits let you use your death benefits if you’re diagnosed with a recurring illness that significantly impairs at least two of the six activities of daily living (ADLs). ADLs include eating, putting on clothes, bathing, toileting, transferring and continence. You can use the proceeds from a chronic illness rider to cover the cost of in-home care and gain more quality of life.
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Critical illness benefits kick in when you suffer a sudden life-threatening illness, such as a heart attack or stroke. Percent of benefits can vary company to company.
Top 3 myths about Mortgage Protection...
Myth: But, I already have Private Mortgage Insurance on my mortgage statement.
Fact: Private Mortgage Insurance (PMI) is a type of insurance that lenders often require from borrowers who make a down payment on a home that is less than 20% of the property's value. PMI is designed to protect the lender in case the borrower defaults on the mortgage. It's an additional cost added to the borrower's monthly mortgage payment, providing the lender with a safety net in case the borrower cannot make their payments. PMI doesn't directly benefit the borrower; rather, it enables individuals to secure a mortgage with a lower down payment. Once the equity in the home reaches 20%, borrowers can typically request the removal of PMI.
Myth: I already have life insurance. I don't need Mortgage Protection.
Fact: Life insurance is a broader form of coverage that provides a payout, known as the death benefit, to your beneficiaries upon your death. This payout can be used for various purposes, such as replacing lost income, covering everyday expenses, paying off debts (including a mortgage), funding education, or maintaining your family's lifestyle. Life insurance isn't tied exclusively to a mortgage – it offers more flexibility in how the funds are used.
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While everyone should have life insurance, mortgage protection is a type of insurance specifically focused on paying off your mortgage. If you qualify, it's designed to pay off up to what you owe on the mortgage in the event of your passing, or even if you became disabled and/or critically ill. We call these Living Benefits. Mortgage Protection exclusively ensures that your family doesn't face the risk of losing their home due to an outstanding mortgage loan. This coverage helps to relieve your loved ones from the financial burden of monthly mortgage payments, giving them peace of mind and stability during a challenging time.
Myth: Mortgage Protection and Homeowners Insurance are the same thing.
Fact: While both mortgage protection and homeowners insurance offer financial protection for your home, they serve different purposes. Homeowners insurance covers property damage and losses due to events like fires, natural disasters, and theft. On the other hand, mortgage protection is designed to pay off your mortgage in case of your passing, ensuring your family can maintain their home without the burden of mortgage payments.
Watch this short video...
