Are you a new homeowner? Here are the 3 key benefits of purchasing mortgage protection insurance & how this product can help provide your family with the financial stability they need.
Purchasing insurance is a significant investment and, as with any large purchase, you want to make sure that you’re getting good value for your money. Whether it’s mortgage protection insurance or term life insurance, it’s important to consider the following before committing to a policy:
- Do your research by talking to an agent or even family members for referrals.
- Buy an insurance policy that fits in your budget and won’t strain your finances.
- Check the policy exclusions before buying.
- Do a yearly review of your insurance needs and upgrade/replace it as necessary.
- Take steps to prevent any losses from occurring.
Mortgage Protection Insurance That Works in Your Favor
At 20/20, we pride ourselves on making mortgage protection insurance as accessible, transparent, and affordable as possible. Our licensed agents can work with you to help find the insurance product that is best suited to your family’s unique needs.
Want to know more?
3 Key Benefits of Mortgage Protection Insurance
If you are like most people, your family home is your most important, and expensive, asset, and a good percentage of your income goes into paying your mortgage every month.
So what would happen if you died prematurely and your family could no longer depend on your income? Would your family be able to continue making the payments, or would they lose the roof over their heads? Mortgage protection insurance has been designed specifically to offer you the peace of mind that comes with knowing that, no matter what happens to you, your loved ones can stay in the family home without worrying about how to come up with the mortgage payment.
Some of the great benefits of mortgage protection insurance include:
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It’s Affordable
Mortgage protection insurance is not designed to provide you with life long protection, which means that it is generally affordable and much less expensive than whole life insurance. Also, the actual premium you will pay will be based on the amount of coverage you need (the amount of your outstanding mortgage). It’s also easy to qualify. On top of that, it’s also very easy to qualify for mortgage life insurance. Unlike with traditional life insurance products, there is typically very little underwriting and you may not even need to undergo a health exam.
Applying for 20/20 MLI
At AIME, we are committed to making purchasing MLI as easy and simple as possible for you. There are three ways you can apply:
- Using our online platform
- Using our chat box
- Talking to one of our licensed agents
Our agents will walk you through the entire process and will treat all of your information with confidentiality. You’ll also be able to schedule callbacks for times that are most convenient for you.
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It Offers Comprehensive Protection
While basic mortgage protection insurance offers coverage in the event you die while you still have an outstanding mortgage balance, you also have the option of adding additional coverage, such as disability or critical illness coverage.
What does this mean? This means that your policy benefits would be payable if you were alive, but disabled or critically ill, allowing you to keep up with your mortgage payments, even if you were unable to work.
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Available Benefits For When Your Family Needs Them
Even if you pay off your mortgage early, in most cases, you can keep your mortgage protection insurance policy for the long term. This means that if you die while your policy is still in force, the benefits will go to your named beneficiaries (eg. spouse or other family members) who can use it for whatever they need, such as the mortgage, credit card debt, or education fees.
Moreover, as with other life insurance benefits, they are usually income tax-free.
Call Today
To find out more about our mortgage life insurance policies, as well as our disability and critical illness coverage, talk to one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.
