Mortgage protection is insurance designed to provide cash benefits to assist you in meeting your mortgage obligation in the event of::
Originally, mortgage protection was designed to cover your mortgage balance and decreased as the balance was reduced through your scheduled and unscheduled payments. When you paid off your mortgage balance this insurance typically ended regardless of your desire to continue the protection.
At Total Mortgage Protection it has become more common to purchase a level term insurance policy for a specified period of time, usually 15, 20 or 30 years. The reason for this trend is level term insurance is usually more cost effective than decreasing term insurance offered by mortgage brokers or banks.
In addition to the lower cost, this coverage does not reduce as your mortgage balance decreases and is completely portable. The premiums and the benefits are guaranteed for the time period you select when you qualify. Simply put, this means you can refinance your mortgage, even pay it off, and you can continue your coverage with Total Mortgage Protection for the length of the term you selected at a guaranteed premium.
More and more people are taking advantage of a relatively new benefit called Return of Premium. This benefit is in addition to those listed above and provides a full refund of premiums paid, less any amounts received, at the end of the term. For example, let’s say you select a 20 year term and your premium is $1,000 per year. At the end of 20 years you would receive a check from the insurance company for $20,000 – income tax free! Yes, income tax free. Since this is considered a return of the premiums you paid, you will not owe any income taxes on this lump sum payment. Most people find this benefit appealing since they will probably outlive the term of the insurance.
You can use this money for anything you desire, to take that dream retirement trip, pay for college education or enhance your retirement to name just a few.
One of the greatest benefits of mortgage protection is the flexibility you have in structuring your own plan. If you want your money back at the end of the term, you can get it; if you want disability protection in case you are sick or hurt, you can get it; and if you want coverage for a critical illness, you can get that too.
Mortgage protection is more than
just life insurance to protect
your family and your home, it
protects you no matter what.
The mortgage insurance quote
takes just a few minutes. It's
that simple to start a plan that
will protect you and your family
for years to come. What are you