MORTGAGE PROTECTION INSURANCE
Mortgage protection insurance provides one of the strongest safeguards for securing your home for you and your loved ones in the event of illness or death by providing a lump sum benefit to pay off mortgage debt.
What is Mortgage Protection Insurance?
Paying a mortgage can become a huge burden if the primary source of income is lost, either temporarily or permanently. Many families are forced out of their home without recouping any of the equity they have built because they were not prepared for the unexpected. Mortgage protection insurance provides one of the strongest safeguards for securing your home for you and your loved ones in the event of illness or death by providing a lump sum benefit to pay off mortgage debt. Most mortgage protection plans provide coverage for a term, which typically matches the term of the mortgage loan. Chances are if you are paying a mortgage you have more than likely received offers for Mortgage Protection Insurance.
While Mortgage Protection Insurance is highly sought after to primarily protect a family’s largest asset with a tax-free benefit, it can also provide a return of premiums and other valuable living benefits, giving it an advantage over traditional life insurance policies.
Is Mortgage Protection Insurance the same as Life Insurance?
Most Traditional Life Insurance programs offer basic death benefit coverage, while Mortgage Protection Insurance packs a significant list of additional benefits for the family. Choosing to cover yourself with Mortgage Protection Insurance offers further protection in case of other tragedies occurring and not occurring! Living benefits can be found in a mortgage protection policy such as a critical, chronic or terminal illnesses that allow you to take advances up to 100% of your death benefit if health conditions fall within that rider-giving you benefits you can use to help pay off or continue making mortgage payments while you or your spouse recover.
Also available are options for disability income, waiver of premiums, and adding coverage for other members in your family. A Return or Premium option is available to refund premiums should you outlive the policy.
These Living Benefits give you peace of mind that your family’s home and investment is safe no matter what may happen. At LifeShield, we are constantly working to offer the most updated & evolved financial protection policies available on the market and with TrustQuote you can decide what coverage makes sense and customize your policy to fit your needs.In the United States each year, 62% of bankruptcies are due to critical illness, and 80% of the petitioner’s had a health insurance policy. Health insurance alone will not suffice in a time of crisis…..if something unexpected happens and you cannot afford to pay your mortgage, do you have a plan?
LifeShield’s Mortgage Protection Insurance
vs Traditional Insurance
Traditional Life Insurance
- Death Benefit
- Terminal illness
LifeShield’s Mortgage Protection Insurance
- Death Benefit
- Critical Illness Rider
- Chronic Illness Rider
- Terminal Illnes Rider
- Return of Premiums
- Disability Income
- Waiver of Premiums for Disability
- Waiver of Premiums for Unemployment
- Coverage for other family members
TrustQuote from LifeShield gives you a quick rate without the ‘maybe’ answer.
Getting plan information and rates for life insurance shouldn’t be like applying for a mortgage or getting pushed to buy a new car – it should be a simple, non-abrasive, and to the point experience. With LifeShield’s TrustQuote, our process is seamless. We provide the most accurate information on the programs you select as quickly as possible.
Is Private Mortgage Insurance the same as Mortgage Protection insurance?
There seem to be insurances for everything you can think of. Homeowners want to protect their families from losing their home in unlikely events, but also not have to double pay for the same benefits. More often than not, it is often confused that private mortgage insurance, also known as PMI, will pay off their mortgage in the event of death. However, those insurances only protect the mortgage companies and lenders, ensuring their mortgage investments against non-payment and foreclosures. It’s a bank requirement for smaller down payments when purchasing a home, and homeowner goals are to avoid them. Life Insurance products such as Mortgage Protection Insurance are the preferred method of protecting your family against your mortgage debt.
Do I Qualify for Mortgage Protection Insurance?
For most people, their home is the biggest investment they will ever make. LifeShield makes it easier to protect that investment by working with our trusted partners to offer coverage with simplified underwriting, without the need to complete medical exams in order to obtain coverage.
Alternative solutions for protecting your family from your mortgage can be offered, such as Mortgage Payment Protection Insurance (MPPI). This program has a much higher acceptance rate versus traditional life insurance policies and mortgage protection insurance. While pre-existing conditions might disqualify you from certain types of life insurance or disability coverage, the same standards and guidelines are not applicable in order to obtain Mortgage Payment Protection Insurance. This allows everyone an opportunity to protect their family’s most important asset – their home – no matter what the future holds.
Choosing LifeShield for Mortgage Protection
LifeShield’s Mortgage Protection Policies allow you to be prepared when tragedy strikes, avoiding extreme financial hardship , which is all too common today. Whether it’s for a few years covering the monthly payments while you recover or paying a lump sum in the event of death, LifeShield has you covered, protected and prepared.
With our team at LifeShield and our 40+ reputable insurance carriers, we do the heavy lifting, ensuring that you get the best coverage at the lowest possible monthly premium, setting you and your family up for a strong and bright financial future.
With LifeShield’s TrustQuote, we provide the most accurate information on the programs you select as quickly as possible, and focus on providing solutions to fit our clients needs.
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