We only recommend an accidental death policy as a standalone
mortgage protection policy if our clients don't qualify for any other insurance or if their budget is small.
This term is not common, it mostly used in conjunction
with mortgage protection policies or possible covering the number of years left to retirement or for a business loan protection.
Your spouse or partner can then apply the $ 50,000
mortgage protection policy towards the $ 100,000 remaining balance on your mortgage and then refinance your mortgage for a lower monthly mortgage payment.
Although there's nothing wrong with us, and many homeowners get protected with these companies, homeowners often do not end up with the best -
priced mortgage protection policy.
But if you don't think you have enough life insurance, you should buy more; it will probably cost less to increase that coverage than to purchase a
separate mortgage protection policy.
If you were sold and accidental
death mortgage protection policy, then it may be wise to cancel your accidental death policy and apply the premium towards some guaranteed mortgage protection life insurance coverage.
It is usually used
for mortgage protection policies and is particularly favoured amongst younger couples looking to keep costs down when purchasing their first home.
This is an
attractive mortgage protection policy for homeowners, because the living benefits built into this policy helps protect a homeowner, not only upon death, but when they become ill or unemployed.
Most mortgage protection policies include a «terminal illness» benefit that would pay out funds from the policy should somebody be diagnosed with a terminal illness resulting in less than 12 months to live.
By not having to have a physical examination, have your blood tested, have your urine tested, and have an intensive medical background check, we can get more
people mortgage protection policies than with fully underwritten life insurance policies.
If we had written a
new mortgage protection policy for the full $ 237,000, Bob would have been overpaying on $ 156,000 worth of protection (as it was based on his younger age five ago).