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Mortgage Life Insurance Protection Has A New Product That May Suit You Better
By admin | February 12, 2008
What do you mean by Mortgage Protection Insurance?
When we buy a new home, or refinance our old home, we can be sure to get many offers for mortgage protection insurance. They usually come in the form of postcards are letters which offer insurance to cover your mortgage payments if you die or become disabled. Sometimes they will mention mortgage coverage if you should have a critical illness, and also a note that premiums will be paid if you are unemployed or disabled. So just what is this special sort of mortgage protection insurance?
It is simply a form of term life insurance, designed to cover mortgages. The death benefit will be set according to your outstanding mortgage loan amount, and if disability is chosen, it will be monthly payments set to some percentage of the entire balance.
The part of the advertisement that is in very big letters, and the part that attracts many homeowners, is the fact that this coverage can be purchased with “No Medical Exam”. However, I think this is a little misleading. Even though many smaller face value term life insurance policies do not require an actual medical exam for many buyers, they still require applicants to answer detailed health questions. Applicants can still be denied, even after waiting weeks for approval, based upon their health history.
Applicants can also be declined for disability for even more stringent health reasons. Applicants can even be denied because of their profession. For instance, policemen, truck drivers, and firemen may have trouble finding mortgage disability protection this way.
The last problem with this sort of mortgage protection insurance is that many people already have life insurance, and they really don’t want more coverage. They do, however, want disability insurance, hospitalization insurance, and the one thing these policies do not offer, layoff insurance!
Is There Better Mortgage Protection Insurance?
Well, we believe we have found better mortgage insurance. The policy is based upon a supplemental unemployment insurance policy. State benefits will usually not be enough to cover a house payments, at least, not if the homeowner has any other bills! However, a very affordable supplemental unemployment insurance product can be purchased in amounts up to $2,000 a month! In addition, the policy can cover disability with similar monthly coverage as the unemployment insurance.
Third, the policy does include a smaller life insurance policy, but it usually enough to cover final expenses and give surviving family members time to make adjustments. It is not the central feature of this type of policy. The new type of mortgage protection insurance also covers hospital stays, so the family will get a cash payment if the insured person needs to be in the hospital for more than 3 days.
These policies are very affordable, and they are very popular in the UK. This is the first we have seen of these types of policies making it to the US market.
No Medical Really!
The new mortgage protection insurance does not require any medical exam, or ask any health questions! It uses short waiting periods instead of health questions But you can quote and buy online!
Learn more about the Best Mortgage Protection Insurance with our safe, fast, and free Mortgage Protection Quote form. You should be pleasantly surprised by the affordable price and great coverage.
Mortgage Life Insurance when you do not need that much life insurance!
Tags: best mortgage protection, life, mortgage insurance, mortgage life insurance, Mortgage protection
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Topics: Insurance |