Mortgage Protection is NOT PMI. When you purchase your home, the mortgage company purchases PMI insurance, which IS mortgage insurance but it only benefits the lender. It’s a form of decreasing term insurance, that means the benefit decreases as you pay off the mortgage because should you need it, the bank can’t benefit from it making more than the loan. PMI also cancels once you pay enough to earn 20% equity so it’s short lived. Willing the property to someone upon your death is custom but it doesn’t pay off the mortgage for them unless you have extra insurance to offer the ability to pay it off.
Our Mortgage Insurance is a “concept” which can be customized so many ways. We take out the insurance (if purchasing at the start of the mortgage) for the length of the loan and the total amount of the loan. The value NEVER decreases and you chose the beneficiary. As you pay off the mortgage since the benefit doesn’t decrease offers extra money for the individual and pays off the rest of the mortgage. We can add a rider that allows the premium to be paid and the benefit released upon your disability to pay the mortgage. We can add Accidental Death and Dismemberment insurance to it as well.
To find more contact us today at (800) 587-6136 or fill out our contact form
