Mortgage Protection

Mortgage protection pays your home off or makes the monthly payment to protect your home and equity if you should unexpectedly die or become sick or injured.

No one ever expects things will happen to them but life does happen. Unfortunately, we don’t have a crystal ball. The risk are real and mortgage protection life insurance can protect your home and family should life happen.

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What Insurance Pays For

Mortgage protection – Pays your home off or makes the monthly payment to protect your home and equity.
Living expenses – Covers daily living expenses such as car payment, gas, utilities, groceries, auto insurance, medical expenses, etc.
Credit cards
Medical bills and prescriptions
College
Funeral expenses
Childcare
Moving expenses
Home repairs

Type of Life Insurance

Term – Typically the most affordable. Term insurance covers a specific period of time typically 10, 20, or 30 years. Many people will purchase Term to cover the years when they have children at home and a larger mortgage because you can get more coverage.
Whole Life – Covers you for your Whole Life as long as you make the premium payments. There are other benefits to a Whole Life such as it builds cash value, you can borrow against it, and some offer living benefits. It’s a great product that never expires so as you age you have the peace of mind that you will always have something to protect your family.
Return of Premium – This is a term policy that has a feature where the insurance carrier pays you back your premium at the end of the 20 or 30-year term if you have not passed away. It’s great for people who want coverage during the working years with a family, and when you retire you’ll get the premium you paid during that time returned to you in one lump sum – tax-free.
Indexed Universal Life – Indexed universal life is a form of universal life insurance and is considered to be one of the most flexible types of life insurance. You also have the potential to build cash value in your policy and some come with Living Benefits features.

Life Insurance for The Living

Life insurance is not just for a death benefit. Ther are many other benefits available that can protect your home when life happens.

Living Benefits for Mortgage Protection

Many of our top-rated carriers include living benefits at no additional cost. Living benefits allow you to use a portion or all of your policy death benefit If you experience a qualifying life event such as terminal, chronic, or critical illness, or critical injury.

There are no restrictions on what the benefit can be used for providing you and your family the flexibility to take care of what is important to you.

Examples of what the benefit can be used for:

Mortgage or rent payment
Home repair/modifications
Day to day bills
Day care
Nursing home
Travel
In home health care
Moving expenses

Living Benefits Qualifying Events

Each carrier has different parameters on what qualifies as a qualifying event. Here are some of the common critical illnesses & critical injuries.

Terminal Illness

If you are diagnosed with terminal illness that will result in death within 24 months certifiied by a physician.

Chronic Illness

If you are not a able to perform two of the six ADL (activities of daily living) for a period of 90 consective days or you are cognitively impaired.

Activities of Daily Living

Bathing
Continence
Dressing
Eating
Toileting
Transferring

Critical Injury

Coma
Paralysis
Severe Burns
Traumatic Brain Injury

Critical Illness

ALS (Lou Gehrig’s disease)
Aorta Graft Surgery
Aplastic Anemia
Blindness
Cancer
Cystic Fibrosis
End Stage Renal Failure
Heart Attack
Heart Valve Replacement
Loss of limb
Major Organ Transplant
Motor Neuron Disease
Stroke
Sudden Cardiac Arrest

The information listed on this website is for informational purposes only. Each carrier and state have different guidelines on what riders are available and the percentage that can be accelerated. It’s important to discuss your policy with the carrier or a licensed agent for information that is specific to you and your state.