- What if we already have Mortgage Insurance?
- Why do I need Mortgage Insurance Protection?
- In the event of job loss, would you have enough coverage?
- Do I need Mortgage Insurance coverage if I already have coverage from my employer?
- Couldn't my estate just sell my assets if I die?
- Is a medical exam required to apply for coverage?
- If I'm turned down, can my spouse still get coverage?
- What's the maximum monthly disability payment I can receive from my Mortgage Insurance policy?
- Does the Mortgage Insurance premium increase as the mortgagor ages?
- How do mortgage insurance payments get paid?
- When does Mortgage Insurance coverage become effective?
- When does Mortgage disability insurance coverage terminate?
- Who is the beneficiary of my Mortgage Insurance policy?
- How long are Mortgage Insurance benefits payable?
- Does the mortgagor have to be confined at home to be eligible for benefits?
- May a policy holder apply for benefits more than once during the term of the insurance?
- Can I get coverage even if I have a pre-existing condition?
What
if we already have Mortgage Insurance?
Many people confuse Mortgage Protection
with Private Mortgage Insurance (PMI).
PMI is a Gap insurance policy required
by mortgage lenders and secured at the
time of closing. The policy normally covers
20% of the mortgage or the basic mortgage
interest. This means, if you are unable
to make your mortgage payment, the lender
is covered but you are not. Mortgage Insurance
policies benefit individuals.
Why
do I need Mortgage Insurance Protection?
Your mortgage may be a new financial obligation
you did not have when you acquired your
existing life insurance, so you may not
have enough benefit to pay off the mortgage
in a case of disability, critical illness
or death.
In addition, work disability protection typically covers 50-70% or less of your gross income. Will half of your salary cover your annual bills?
In the
event of job loss, would you have enough
coverage?
A Mortgage Insurance Policy is your personal
property and belongs to you and your family
whether you are employed or not. The policy
goes with you, if you move or re-finance your mortgage.
Do I
need Mortgage Insurance coverage if I
already have coverage from my employer?
Work benefits are great, but they are
controlled by your employer and end when
you leave your job, regardless of the
reason. Do you know how much protection
your employer provides? Would it pay-off
your family's debt and home mortgage if
you died? If not, Total Mortgage Protection
is your answer.
Couldn't
my estate just sell my assets if I die?
Yes, your estate could liquidate your
assets, but how much are they worth? The
typical mortgage is between $75,000 and
$200,000. If your family sold everything
you own would they make that much? For
most of us, our estates are not that valuable
and few people have those dollars in the
bank.
Mortgage Life Insurance and Disability Insurance Policies offer living benefits to make your mortgage payment in case of disability and critical illness. In addition, it is possible to get all your money back at the end of the policy.
Is a
medical exam required to apply for coverage?
With most Mortgage Insurance policies
you do NOT need an exam! Based on the
answers you provide regarding the policy's
health questions, the carriers may only
require additional information from your
doctor. Total Mortgage Protection always
treats your medical information confidentially,
as required by Federal Law.
If I'm
turned down, can my spouse still get coverage?
Absolutely! Total Mortgage Protection
insurability and underwriting guidelines
are broad and liberal. However, some applicants
may be declined. If that happens, you
and your spouse may apply for separate
policies. To learn more, apply
now!
What's
the maximum monthly disability payment
I can receive from my Mortgage Insurance
policy?
With Mortgage Insurance your disability
payment may be as large as $2000 per month.
However, your disability payment cannot
be greater than your monthly mortgage
payment including the principal and interest
in escrow payments (taxes, homeowner'sinsurance,
etc.). To learn more, apply now!
Does
the Mortgage Insurance premium increase
as the mortgagor ages?
Absolutely not with Mortgage Insurance!
All Total Mortgage Protection rates are
guaranteed.
How do Mortgage Insurance premiums get
paid?
Total Mortgage Protection offers many
payment options and our agents will explain
them to you in detail. They may include
credit card, electronic deposits or other
suitable methods
When
does Mortgage Insurance coverage become
effective?
With Mortgage Insurance in most cases,
right away, but your Total Mortgage Protection
agent always makes sure you understand
any special conditions that apply.
Conditional Receipt: A receipt given
for premium payment accompanying an application
for insurance. If the application is approved
as applied for, the coverage is effective
on the later of the date of prepayment
or the date on which the last of the underwriting
requirements, such as medical examination,
has been received by the insurance company.
A conditional receipt for premiums paid
upon application may protect the proposed
insured from changes in health occurring
after the application and funds have been
submitted to the insurance company.
When
does Mortgage disability insurance coverage
terminate?
Mortgage Insurance coverage remains in
force until the policy term ends or until you
reach age 65. (If your spouse is also
covered and is younger than 65, your spouse
coverage remains in effect until he/she
turns 65.)
All Mortgage Insurance coverage stops
if you discontinue premium payments or
if you request termination of your policy.
Who
is the beneficiary of my Mortgage Insurance
policy?
Mortgage Insurance proceeds are paid to
the beneficiary you designate. This allows
your family to pay the mortgage and other
bills as needed.
How
long are Mortgage Insurance benefits payable?
With Mortgage Insurance, if you are you’re
under age 50 you are eligible for two
full years of disability payments. If
you are you’re between the ages
of 50 and 64 at the time you get hurt
or sick, you get 12 months of benefits.
Does
the mortgagor have to be confined at home
to be eligible for benefits?
With Mortgage Insurance your doctor's
diagnoses may be all that is needed to
start the benefits but ask your insurance
professional since policies vary.
May
a policy holder apply for benefits more
than once during the term of the insurance?
Yes, provided it is a separate disability
originating from a different cause. You
may also receive payments on disability
of the same cause, as long as the new
episode begins at least six months after
the first disability period ended. In
cases similar to this it is usually considered
a separate disability.
Can
I get coverage even if I have a pre-existing
condition?
Yes, provided it is a separate disability
originating from a different cause. You
may also receive payments on disability
of the same cause, as long as the new
episode begins at least six months after
the first disability period ended. In
cases similar to this it is usually considered
a separate disability.
