We are a team of state licensed professionals that work to ensure you get the best program at the best price. We are independent brokers. That means we work for you! We serve families through Symmetry Financial Group, an Inc. 5000 company with an award winning culture and contracted with dozens of A-rated carriers. We understand policy needs come in all shapes and sizes, and we will take the time to fully understand your families’ needs, budget, and concerns so that we can find the perfect fit for you. It’s a simple solution for peace of mind and so much more. We specialize in Mortgage Protection, Disability, Critical Illness and solutions for a Tax Free Retirement.
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What is Mortgage Protection
Mortgage Protection Insurance: What is it?
Mortgage Protection insurance is a form of life insurance designed to cover part or all of your mortgage in the case of death, disability and/or critical or chronic illnesses.
If you’re like most homeowners, your home is the biggest financial obligation you’ll make in your lifetime.
And if you’re among the many American homeowners who have a mortgage on their home, chances are good your monthly payment is about $1000 or more, based on the national average.
If your family counts on your income to help cover all, or part, of the mortgage payments on your home, your loved ones might struggle to keep the family home if you pass away. They could have trouble making mortgage payments, especially if they are dealing with medical bills and funeral expenses as well.
And in some cases, lenders might prevent someone taking over and modifying a home loan, so your survivors may not be able to simply continue to make your mortgage payments after you die.
According to Diane Thompson of the National Consumer Law Center, “Surviving spouses who want to stay in their home can run into difficulties if they need a loan modification to afford the payments.” Lisa Provost of the New York Times points out that “lenders are often unwilling to allow spouses to assume the mortgage unless they are current on their payments.”
Ask yourself –
If you died today, who would make your monthly mortgage payments? That’s where mortgage protection insurance comes in.
As a homeowner, it is vitally important that you ask yourself this question. Too often, families do not think about what they would do if they had a devastating death in the family compounded by a looming mortgage payment.
Would your family have to move?
Would your kids have to change schools?
Would your home go into foreclosure?
Taking out mortgage protection insurance is one way that you can protect your family against financial hardships if you die before your home is paid off.
For example, if you have a 20-year mortgage, you can buy a 20-year mortgage protection insurance policy that covers the current balance on your mortgage. This way, if you should die, your family will be able to pay off the mortgage and continue living in your family home. The nice thing about mortgage protection insurance is they also have the choice of paying off a portion of the mortgage or even just keep making the payments. They are not locked into paying the entire balance of the home loan.
Concerned? We are not surprised. Suffering a death in the family is traumatic enough without your family falling into financial hardship as well.
One Solution: Mortgage Protection Insurance.
Ours is a team of independent brokers who chose to work for the families we serve, not the banks, not the insurance company. We are your advocate and here to help with access to 20+ insurance carriers to ensure that, regardless of health or health history, we can find a program for you with an ‘A’ rated carrier.
Top features of a mortgage protection insurance policy:
Protection against foreclosure
If your family has medical bills and final expenses to deal with after you pass, mortgage protection insurance can provide them with the money they need to both avoid foreclosure and pay off your mortgage, as well as cover extra costs for a funeral and other obligations.
Because mortgage protection insurance is usually a form of term life insurance, it’s much more affordable than other types of life insurance. It is important to note that, just like with other types of life insurance policies, your monthly payments are based on your age and health.
Some carriers offer coverage as low as $17.25 per month*. This is only 5 cups of coffee from Starbucks or less than the cost of one large pizza for your family. * Based on a 10-year policy at the preferred plus, non-tobacco rate (depending on your individual needs and circumstances, this price may vary)
Easy to qualify for
Qualifying for mortgage protection insurance is usually a simple process that doesn’t involve having a medical examination. This means no urine samples or blood drawn. In many cases, people who have been unable to purchase other types of life insurance are able to buy it.
Death benefit never goes down
The payout amount for mortgage protection insurance stays the same throughout the term of the policy. This means the amount of money your beneficiaries would receive is fixed. It doesn’t matter how much you owe on your home loan. They will still receive the same, full amount.
Monthly payments will never increase
With a mortgage protection insurance policy, you won’t need to worry about your monthly payments going up. Your insurance payments will be the same throughout the entire term of your policy.
Illness and disability add-ons are available
Just like with most types of life insurance policies, you may have the option of purchasing additional coverage against critical illness or permanent disability with your mortgage protection insurance policy. You can make sure your mortgage will be paid, even if you’re unable to work, by adding this optional coverage.
Tax-free benefits are paid directly to the beneficiary
The benefits provided from a mortgage protection insurance policy are non-taxable. Payment goes directly to the beneficiary named in the policy, not the bank or loan company, and the benefits are usually paid out quickly.
If you buy traditional mortgage protection from your home loan lender, the lender is the beneficiary (receives the money). You would pay for the insurance, but your lender would own it.
Most mortgage protection insurance policies can be converted to permanent life insurance down the road that can be used to supplement your retirement income, pay for medical bills, or leave a tax-free death benefit to your survivors. This is a way for you to keep your mortgage protection insurance long after your mortgage has been paid off.
If you move after you purchase mortgage protection insurance, your insurance policy moves with you. You will not need to re-apply, even if your health or financial situation changes. We recommend you get a policy review if you do this though so you can make sure your new policy needs are being met.
One of our agents will call you within 24 hours of receiving your information to learn more about your situation and walk you through our process so we can get you and your family protected right away!