Why buy mortgage life insurance?
The reason people buy mortgage life insurance is to make sure if the homeowner passes away before the home is paid for, the mortgage will be totally paid off. A mortgage life insurance policy will guarantee your family can keep their home forever. It’s more affordable than credit life insurance offered by banks, and won’t decrease like the banks policies do. Credit life insurance only pays off the loan. Mortgage life insurance pays the full face amount of the policy directly to the beneficiary.
Do you need mortgage life insurance?
If you’re the primary breadwinner in the family or it takes two incomes to pay the bills, it does. Or when you consider most families will lose their home without it, it does. When a 45 year old man in good health can buy a $300,000 20 year term policy for less than $49.00 a month so his family will have their home completely paid for if he’s no longer here, it does. With a home that has no mortgage loan to pay, families left behind can afford to stay there where they want to be. Without the mortgage being paid off many families will lose their home. Even if it cost $100 or more a month, like it does for people like me, it’s well worth it, knowing the house I’ve provided they can keep. Mortgage life insurance guarantees your family will keep their home forever.
Will mortgage life insurance require an exam?
For people age 65 and under, mortgage life insurance can be issued without taking an exam up to $500,000. If a person under 65 needs more than $500,000, a combination of 2 or more policies can be issued for $1,000,000 or more without taking an exam.
Will these policies help me pay off my mortgage early?
They can, how nice would it be to have a term life insurance policy that will provide money to pay off your mortgage if you pass away prematurely or pay off your mortgage early if you live? We have term life insurance policies called ROP term insurance, that will return all the premiums you pay in for 15, 20, or 30 years. These policies cost more that traditional term insurance policies, but your net cost in 15, 20, or 30 years is $0. This return of premium can allow you to pay off your home a few years early, saving you thousands of dollars. some people buy ROP policies to provide coverage for their mortgage while saving for a college education. The bottom line is, if you’d like to have a policy that will pay off your mortgage if you die or return all your premiums if you live , buy ROP term life insurance.
Will mortgage life insurance help me if I have a critical illness?
Yes, we have policies that will pay you up to 90% of the death benefit for a heart attack, stroke, cancer or 13 other critical illnesses, and do it all for no additional cost. These policies will pay either way, if you pass away early, or suffer a critical illness. The amount paid for a critical illness will be determined by the seriousness of the illness and life expectancy. But whatever is paid is better than a policy that only pays a death benefit, because when people have a major illness, their income usually goes down and their expenses go up which can make it difficult to make their mortgage payments. Mortgage policies that include these living benefits can pay out as much as $450,000 on a $500,000 policy.
For questions call us at 1-800-656-7178
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