Are you considering purchasing mortgage loan insurance to protect your home and family? Learn more about the advantages of this innovative product, the drawbacks of bank-issued MLI, and how AIME’s MLI always works in your favor.
From life insurance to mortgage loan insurance and critical illness coverage, there are many different types and forms of insurance, but the aim of each plan is the same: to offer you and your family protection and mitigate your financial risk. Making this type of investment will offer you some much-needed security and allow you to live with total peace of mind.
In addition, it offers key benefits, such as:
- It safeguards your family’s financial needs.
- It allows you to live tension-free.
- It secures your future goals and those of your loved ones.
- It alleviates any risk factor in your life.
Protect Your Home and Family With 20/20 Mortgage Loan Insurance
At AIME, we know just how important financial security and stability is to you and your family. That’s why we have created 20/20 Mortgage Life Insurance. This flexible, transparent, and affordable mortgage loan insurance product will protect your home and your family’s financial well-being in the event of your premature death, illness, or disability.
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Pros and Cons of Mortgage Loan Insurance
As the name implies, mortgage life insurance, or mortgage loan insurance, is there to repay your mortgage in the event that you die prematurely or become unable to work due to a critical illness or disability. If you are considering purchasing MLI, there are the pros and cons of this innovative product that you should know about.
Mortgage Loan Insurance Pros
One of the most significant advantages of mortgage life insurance is that you can get near-universal coverage with minimal underwriting, and often, you won’t need to do a medical examination to qualify. Thus, it can be a valuable policy for homeowners with pre-existing medical conditions that could prevent them from buying a traditional life insurance policy.
Here are a few other key advantages of mortgage life insurance:
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Your family can live in a mortgage-free home if something were to happen to you. Does your mortgage payment make up a large part of your budget? If so, it makes sense to worry about how your family might cover the cost if you were to die or become disabled. With an MLI in place, you’ll never have to be worried. If you die or become gravely ill, your policy will become active and pay off your loan.
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You don’t have to die to take advantage of this policy. With mortgage life insurance policies, you can add on riders such as disability or critical illness coverage. This means that your policy will become active if you are disabled or ill and are unable to work. This makes it slightly more versatile than the traditional term or whole life insurance.
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You’ll enjoy total peace of mind. The biggest advantage of this type of coverage is that you’ll no longer have to worry about your family not having a place to live should you die unexpectedly, or are unable to work. With your mortgage paid off, your family will always have a roof over their heads.
Cons of Bank-Issued Mortgage Loan Insurance
As with all policies, there are pros and cons to purchasing mortgage loan insurance. Some of the limitations of bank-issued mortgage life insurance include:
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The policy benefits the lenders more than the insured party. If you have bank-issued MLI, your family will not see any of this money because the bank will be the policy beneficiary, and they will use the payout to repay the mortgage in full.
How 20/20 MLI is different: With 20/20 MLI, you are able to choose your beneficiary, meaning that your spouse or other family members will receive the payout.
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You have no control over where the life insurance settlement goes. Because the settlement is automatically sent to the bank to cover your mortgage, your family won’t have control over the funds, or what the money is used for.
How 20/20 MLI is different: While we understand that not having a mortgage can give your family peace of mind, it may not actually be the best use of your funds at the time. Because the 20/20 MLI payout will go to your family, they can use the funds in a way that is most beneficial to them.
Call Today
If you want to know more about 20/20 Mortgage Loan Insurance, and how we can help protect your home and your family’s financial stability and well-being, contact one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.
