Protection For Your Most Important Asset
Leverage Insurance provides mortgage protection insurance and other protection planning services to individuals in Florida that are seeking a customized approach and personal touch for all their insurance needs.
One of the largest expenses that most families face is their mortgage. As a homeowner, you want to make sure that you protect this asset, no matter what life brings. Mortgage protection insurance is an affordable solution that provides financial security for homeowners.
A Type of Term Life Insuance.
Mortgage Protection Insurance
Mortgage protection insurance is a type of term life insurance that functions much like other life insurance policies and is largely affordable. It is designed to pay off your mortgage in the event of your death, with the premium that you pay based on the amount of coverage you need (sometimes reflecting the amount of your outstanding mortgage), your general health, your tobacco use and your age at the time you apply for coverage.
Some mortgage protection plans offer simplified underwriting, which means that you will not need to undergo a medical exam to qualify. This coverage ensures that if you were no longer able to contribute to mortgage payments, your family could stay in their home and give you peace of mind, knowing that your mortgage payments are covered in the event something unexpected happened.
Don’t Get Confused
If you have recently closed on a mortgage or home equity line, you may have received mail about getting homeowners or mortgage insurance. It can be confusing to sort through all the different types of insurance that are available when it comes to your home.
Some policies might be a much better fit than others. The main difference is that homeowner’s insurance protects against damage to your home, but mortgage protection can help you pay off your mortgage if the unexpected were to happen.
Functioning like a standard term life policy, you purchase a Mortgage protection policy for a set period, make monthly payments, and if you pass away while the policy is in force, your policy will provide a death benefit.
An additional option to consider is to add coverage that would make policy benefits payable if you were to become disabled and could no longer contribute to mortgage payments. If you become disabled, the insurer will make your mortgage payments on your behalf and you could potentially have money left over to cover other expenses including medical costs, a college education, and more.
Premium Rider Refunds
There is also an option of adding a return of premium rider, which would refund your premiums if you do not end up using the policy at the end of your term.
This means that you can protect your loved ones for a chosen term length, then if you do not need to use the policy, you can get all your money back.
No one knows when unexpected tragedy might come into our lives.
There is no reason in waiting to cover something as important as your home, so reach out to us today to discuss your options.
Mortgage Protection Insurance
- One of your most valuable assets, your home, is protected
- One of the most affordable types of life insurance available
- One of the easiest types of policies to qualify for
- Most people do not need to take a medical exam
- Certain policies offer additional coverage that can support you and your family if you were to become critically ill or disabled
- Some policies also offer a return-of-premium feature, which means that if you don’t pass away during the policy term, you could receive a return on the money that you paid in premiums
- Huge benefit for young homeowners: If you purchase mortgage protection with a critical illness rider at a young age and are diagnosed with a serious illness later in life, you qualify for coverage
Carriers offering mortgage protection have high acceptance rates
Money that your family receives may be tax free
Policies are portable: If you purchase a new home, the policy travels with you
Things To Think About.
Disadvantages of Mortgage Protection Insurance
It only offers protection for a set number of years (similar to the length of your mortgage)
Mortgage protection is less flexible than other types of insurance. Once you are locked in, the policy does not adapt to any life changes that you may experience later
If you need life insurance coverage later in life, you might need to take out another policy
If you would like any assistance to see if mortgage protection insurance is a good choice for you, feel free to contact us. At Leverage Insurance, we are here to help you in any way that we can.