What is mortgage protection insurance?

please sir explain how to protect insurance in mortgage?

Mortgage Protection Insurance and Mortgage Protection Life Insurance is all the same...life insurance. It's just repackaged to market it. Sometimes, these policies are more expensive then regular term life insurance. They sometimes have decreasing death benefits too. The best thing to do is to go to a site that offers competitive rates for term life insurance and compare rates.

Mortgage protection insurance may provide coverage for when you pass away, as well as, when you become disabled.

However, many consumers purchase decreasing term insurance, or level term life insurance, which may be less costly, and provide more coverage for your money. It depends on your specific needs.

Level term life insurance provides you with a coverage amount and premiums that remain the same each year for up to 30 years.

Mortgage Protection Insurance is different from PMI or "Private Mortgage Insurance" in the fact that it has level premiums and level death benefit. Mortgage Protection Insurance is designed to pay off your mortgage in the event of your death. Simply it is a term life insurance policy and can be more expensive than other term life policies.Keep in mind most advertising you see for term life only shows you best case scenario as far as health and by the time you do the medical testing and the insurance company rates up your policy the premiums are usually about the same.

Is there an insurance the covers your mortgage payments in case of unemployment?

Mortgage Protection is simply a life insurance concept. When identifying needs, your debt on your house is the most obvious large expense that needs to be covered. Regardless of the type of insurance you should carry a death benefit that not only covers mortgage, but at least 3 years income, potential future college expense, other substantial debts, etc.
"Mortgage Protection Insurance" is not a product, life insurance is the product. Typically the concept would be sold through a bank or lender and would usually be a decreasing term policy with the lender being the beneficiarry to pay off the note. That is your primary difference doing it through a lender is that you do not select the beneficiarry.
To answer the question posted Jan 26, yes, it is called disability insurance. Again, a monthly mortgage payment, along with all other monthly payments necessary should be considered in a disability policy in case you cannot work.
While the concept of mortgage protection is a great one, you should not get focused on that sole debt and monthly payment when setting up your life and disability insurance.

Set up your own personal life and disability insurance looking at the big picture and only use mortgage protection as a piece of the puzzle. I would not recommend doing it through your lender as you would not own or control the policies, and most of all, you cannot assign your beneficiarries.

David J Horsey Jr, CLTC
Clearview Insurance & Financial Services

All I am doing is pricing Mortgage Protection Insurance. Is it for only disability, or for death of a spouse, or both?

Mortgage Protection is actually an umbrella term which is generally used to describe two different products.

Mortgage Life Insurance and Mortgage Payment Protection Insurance. I have included a brief synopsis of each product below

Mortgage Life Insurance - Mortgage life Insurance is a specific type of life insurance designed to cover the ourstanding sum on a

repayment mortgage

. The sum assured on the life insurance is designed to decrease at a slightly slower rate than the mortgage does. In the event of the policy holders death the beneficiaries of the policyholders will can use the money to pay off the sum outstanding on the mortgage. Whilst some insurers alow the policyholder to leave the money in trust to the mortgage company most expect the money to be left in trust to the dependants of the policy holder. The reason for this is that often their is a sum of money left over after the mortgage has been paid off, the beneficiary may even not want to settle the mortgage but would prefer to take the actul money itself.

Mortgage Payment Protection Insurance or ASU
This is designed to cover the poicy holders mortgage payments. It is called asu becasue they can be covered for accident sicness or unemployment or a combination. Typically these policys pay out for a fixed period time.
there is also another policy called PHI or Permenant Helath insurance but this lasts all the way through to retirement and tyically doesn't cover unemployment.

I was wondering if it is to my benefit to purchase Mortgage Insurance that would pay in the event of my death and in the event of possibly being laid off from work. Are there such policies that are lumped together and which companies offer these. Are there some that offer more than others? I am sure there are always going to be a difference in costs but what should I look for and are rates competitive for what they offer?

I am still trying to figure out why Mortgage protection is more expensive than Term Life insurance that is of equal face value. I understand that mortgage protection is basically a variation of term life policy. But if that is the case, why is it in some cases twice as much in premium cost? Does it have to do with underwriting? I need someone to explain this to me like I am a five year old. Thanks!

I wanted to thank everyone that posted explanations of mortgage protection insurance. We are being solicited to buy this insurance and your posts were very helpful in understanding what we would be purchasing.

thanks again.

I want to setup My own personal term insurance. Can you help me in this Matter?

Mortgage Protection Insurance is a product like any other it has it's plus and minus.

There are a lot of takes on this but the most obvious is that there are two distinct differences in the products "most" Mortgage Term Products are "simplified issue" which means they are not diggin in your personal health files. You will pay a little more for this if you are healthy and you know it. But it may save you money if you have an undiagnosed health problem you may find out that you would either get declined on fully underwritten policies or rated to a point you cannot pay the premiums.

We offer both types of coverage and I could have an agent from your area give you a call and help you out.

Mike.

Mortgage Protection is NOT PMI, I have read some more here on teh website there seems to be a big confusion over PMI and Mortgage Protection.

PMI ( Private Mortgage Insurance ) is not an insurance policy rather a premium that the bank is charging you because your loan to value is not as high as it needs to be to complete the loan so they charge you a "PREMIUM" in order to allow you to have the loan.

PMI does not pay off your mortage or help you in any way other than to allow you to recieve the loan.

Mortgage Protection Insurance is different it pays you the beneficiary the money that you apply for and you can then pay off your mortgage. There are other options including disability etc..

Mortgage protection comes in the form of two types of insurance add-ons. You can have mortgage protection insurance as an add-on to your home insurance policy or mortgage protection insurance as part of your life insurance policy. My suggestion...try both. If you're living, and own a home (which is very likely, since you are looking for mortgage protection), getting a mortgage protection insurance add-on, is probably what you want. It assists you in making payments, should you lose employment. InsuranceAgents.com details this form of insurance, in an article, Mortgage Protection Insurance: What Is It?

Mortgage protection as a life insurance add-on is nice, after you pass, but is more of a benefit to assist your family in maintaining the home, should you want to keep it part of the family or if you're the primary earner.

Make sure you get the facts about mortgage protection, because one benefits you now, the other...well, you have to already have passed for it to be of any use.

I am a healthy middle aged woman, that is looking for a reasonable insurance that will help me if I lose my job; and also pay my mortgage, if something happened to me.

Some policies have a provision or rider that you can add to help with unemployment or waive the premium for the insurance in case you become disabled or worse.

all sounds good,.. but still would like feedback on WHAT companies to call AND TRUST....
I have bought a home with my boyfriend. I have Life ins. my daughter the beneficary.
I need policies to protect in the event of death. (for both of us, to pay off home)
ANY suggestions as to which company to call. (alot of mail sent about it,..I am leary to trust)

If you wish to protect your life (and his) and be able to pay off your mortgage and other debts, New York Life Insurance Company is extremely highly rated. Our mortgage protection is whatever kind of life insurance you need and qualify for, whether term or permanent. There is no difference in rating for mortgage protection and other needs.

We are very stable and have not suffered during the current financial upheavel. We are a mutual company and our policyholders are our "shearholders".

Mortgage Protection agents talk a good game but let's be truthful here. Most people are better off speaking with an honest "Insurance Broker" that will do right by the client. This is my problem with mortgage protection agents; they usually have two or three companies that they try to "stuff" all of their prospects into. All people have different needs. People also have different health backgrounds. Mortgage protection products are usually Non-Medically underwritten policies. Sure they get issued very fast, but is that what is most important here? Is it fair that someone with perfect health pays the same premium as someone who has two or three things wrong with them? Not in my book. Even if someone has a condition, many times I can still get the client a better rate than these "cookie cutter" mortgage protection programs. A good broker knows where he can send someone with High Blood Pressure and still be able to have the policy issued at the best rate possible. Healthy clients should go with a medically underwritten plan. Their payments would be much cheaper and many times get more coverage. That brings up another point. Life Insurance is meant to help replace lost income. So this family gets a check and pays off the mortgage. Great! How much did mom or dad actually contribute to that mortgage payment each month? Did they provide any additional money? How old are the children? Is there enough income to last until they are out of college? Mortgage protection should be part of a comprehensive insurance plan for families. It's not meant to be a stand alone product. If agents did a needs analysis, they would find out that families need to cover more than just their mortgage. Many Non-Med Plans have caps on the amount of coverage that can be offered, hence, the reason why these agents don't attempt to provide a comprehensive plan that makes sense. Some agents are out for a quick buck, a pay check. I suggest you find a professional in your area who will walk you through the process and determine how much you really need as far as protection. It's up to you whether or not you want all that is needed. At least your family won't feel ripped off, lied to, or deceived if something should happen to you and they are not able to make tax payments on the home they own free and clear. Families need to replace lost income. That's just my two cents.

Wendy,

Knowing which company to trust is a very important aspect when it comes to making a decision concerning your life insurance. Before you buy, do research! Internet and print media are good places to find information on many of the big players in the industry.
Be aware that you can buy policies from different companies outside of the company your broker works for.
Hypothetical Example: If the broker you trust works at Firm "ABC" but you want a policy through a different company, they should be able to get you the other companies policy. If they say they can't your guard should go up.

Always keep in mind the intentions, biases, and motives of the author of any article or blogger. Just because a specific policy is right for one individual doesn’t mean it is right for everyone. I can’t stress this enough. Every individual’s situation is unique. A comprehensive fact finding session should be conducted to analyze your needs before any recommendation is made.

Life insurance is a key piece of an individual’s overall financial plan. Have a discussion with a licensed advisor who is knowledgeable in the details of how insurance fits into your overall plan.

I know many individuals who are qualified in this capacity. I am one myself. If you have any questions or seek more information
I would be happy to help you or put you in touch with a qualified individual.

My contact info:

[email protected]

Mortgage Protection? Why would you buy insurance to protect the bank who benefits from this type of insurance?

Does anyone know if it is legal or possible to acquire mortgate life insurance if you are diagnosed with a terminal disease?

You can Buy Over the Phone. NO Medical Exam. NO agent Coming out to see you.

Mortgage Insurance Protection... Can be Purchase over the phone in about 20 minutes. The application is completed over the phone and normally is approved in 2 business days or less. It can cover one or both people who are on the Mortgage. At the First death, the Plan pays the Mortgage Balance to the Beneficiary. Not the Mortgage company.

People love the Ability to buy over the Phone. No medical exam. NO agent coming out to the house. in about 20 minutes or so and your done.

I am a Licensed Insurance agent in Alabama,Michigan,Ohio and Virginia. I would be happy to answer your questions. If you like the answers we can get your policy Written over the phone.

The Information is free. It could Save Your family's Home in case of either you or your spouse dies.

Ken Parmer
[email protected]

A mortgage protection product would do just that. It will make sure your mortgage is paid in the event of your death. Granted mortgage may be one of the main factors that you need life insurance in the first place, but it is surely not the only reason. You need to protect your family, provide for them, make sure your kids are put through college, etc even when you are not around to see that these things are taken care of. A mortgage protection product won’t take care of all these things. But a life insurance policy can take care of all this as well as your mortgage payments in case of your death, if you plan it out well. To keep your premiums low, and still get a substantial death benefit, opt for term life insurance.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

I have a mortgage loan and would like to know what type of insurance do I need to get in order for my loan to be paid off in case I was to pass away.

Do not buy this crap. Buy only regular life insurance that includes your mortgage first.

When you buy mortgage life insurance, you're actually buying a policy for the lender only. When you pass away, the lender gets paid off and all is good.

However, with life insurance, the person who you have designated gets the money and then can pay off the mortgage (or keep the house, or whatnot).

This is known as "Choke and Croak" insurance within the industry.

Where can I get competitive rates on companies? I am 59 years old and a single homeowner.

Hi, Hope someone can help. When I bought my house five years ago, M&T bank provided IUI ( Involentary Unemployment Insurance ) through GE Genworth.
I was layed off a year and a half ago and filed a claim imediately. My claim was denied. I have jumped through all the hoops. All I had to do to file my claim is, Prove I was layed off and prove I was collecting unemployment. In the five years I have owned my home there have been five different underwriters. Seems like just a scam, shell game if you will. What do I have to do to get covered...SUE ? Thanks, Michael B. Johnson

We are looking for Mortgage life protection from death and mortgage protection from disability that was permament-not just a broken leg. We both work full time for two different banks. Our home is tax appraised at $225,000 and we only want $140,000. Please e mail with info at [email protected]

Mortgage Protection - specific amount of monies that will go to your designated beneficiary in the event of death, to pay the balance of your mortgage. - if this is what you want your beneficiary to do. I would recommend a level term, either 10, 15, 20 or even 30 yrs. Some policies comes with benefits (called riders in the ins. industry) for a price. If your able to connect with a Qualified Ins. Advisor, he/she should be able to point you in the right direction.

Let's keep it simple.

I just purchased my home last month. I too, receive mail about purchasing insurance that would help me pay my mortgage early, and also pay off my home if I should die. I too, am leary.
I have read the comments and opinions, but haven't seen any information on the age limit that an insurance company will underwrite you. I am 69 years of age. I work full time, and have been with my job 81/2 years. I consider myself relatively healthy. I say relatively because I am Type 2 Diabetic. I am on pills for control. I weigh 143 lbs, do not have high blood pressure, heart disease, or cancer. What are the chances of my getting a decent insurance policy that would provide for my needs (illness, loss of job), including death?

if i have pmi on my mortgage how can i tell which papers
of my mtg woulkd reveal this

Those of you who are concerned about protecting their greatest asset, their home should consult an Insurance advisor. I am
An Insurance Agent who works with these type of policies. Our emphasis is not one member of the household dying. Although this is important, we emphasize "Living Benefits". If a home has a $140,000 mortgage on it I would recommend a $140,000 Term Life Insurance with the following riders: Disabilty payments
for the amount of the PI/TI say $1000 per month. Additionally I would wholly recommend Critical Illness Insurance. Most folks are not dying from previous illnesses like they used to. Critical Illness would pay a lump sum upon first diagnoses of several outlined conditions (Always refer to policy) such as Cancer, Heart Attack, Stroke, Coma, Paralysis, Severe Burns, etc.... With a $50,000 Benefit, the primary breadwinner would receive this lump sum if he/she lives and can help with the Mortagage payment, Medical Deductibles, Copays, Travel to and from Cancer facilities, and Food and necessities because of time lost from work.

For further info email me at [email protected]

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