Your home is one of your biggest investments, and protecting it is key to securing your family’s future. This overview will help you understand what Mortgage Protection Insurance is, why it is important, and how we can help you find the perfect coverage.

Mortgage Protection Insurance (MPI) is designed to protect you, your family, and your home. Unlike Private Mortgage Insurance (PMI), which protects lenders if you default, MPI provides a tax-free benefit to your loved ones in the event of your death. This benefit can be used to pay off your remaining mortgage balance or help cover payments, ensuring that your family can stay in their home without the financial burden of mortgage debt.

Example of Mortgage Payment Coverage

Imagine a $2,000 monthly mortgage payment and a policy with $50,000 in coverage. This could cover 25 months of payments, giving your family valuable time to make important decisions without financial strain.

To obtain this coverage, you must first qualify and be approved, with the carrier ultimately making the final decision. If approved, you will have access to living benefits, which enable you to use a portion of your policy’s death benefit while you are still alive. This can provide financial support if you are unable to work due to a medical illness or disability.

MPI policies often include living benefits that provide financial support if diagnosed with a terminal, chronic, or critical illness. These benefits allow you to access a portion of your policy’s death benefit while you are still alive, helping to cover medical expenses, loss of income, or other financial needs. Depending on the policy, the following Accelerated Death Benefit Riders may be included:

• Critical Illness: Provides an accelerated death benefit for conditions like heart attack, stroke, cancer, ALS, major organ failure, or kidney failure that prevent you from working.
• Chronic Illness: Provides an accelerated death benefit if you are unable to perform at least two of the six Activities of Daily Living (ADLs), such as bathing or dressing, for 90 consecutive days, as certified by a physician.
• Terminal Illness: Provides an accelerated death benefit if you are diagnosed with a life expectancy of 12 months or less.

These benefits are tax-free and provide a vital financial cushion during life’s most difficult moments, offering peace of mind when you need it most.

Significant health issues can disrupt your ability to make mortgage payments. Consider these statistics:

• Stroke: Affects 800,000 people annually, with an 80% survival rate.
• Heart Attack: Impacts 795,000 people each year, with a 90% survival rate.
• Cancer: 1 in 2 men and 1 in 3 women will face a cancer diagnosis, with survival rates varying by type.

Mortgage protection ensures that, even in the face of unexpected health challenges, your home and family remain financially secure.

These policies are simplified issue, meaning no medical exams are required. Instead, you will answer a few health and lifestyle questions. Insurance carriers will then electronically review your prescription history, Medical Information Bureau (MIB) records, and driving history to determine eligibility.

• Tax-Free Benefits: Whether it is a death benefit for your family or living benefits for yourself, the payouts from these policies are tax-free, ensuring every dollar goes where it is needed most.
• Protect Your Home, Family, and Equity: Safeguards your family’s ability to stay in their home while protecting the equity you have built over time. This provides stability and helps reduce the risk of foreclosure during difficult times.
• Flexible Options: From final expense policies to IULs with cash value, there are a variety of coverage options designed to meet your unique needs and budget.

During our mortgage protection consultation, we will guide you through:

• Understanding Mortgage Protection: Gain a clear understanding of what Mortgage Protection Insurance (MPI) is and how it differs from other types of insurance.
• Field Underwriting: We will evaluate your health, finances, and lifestyle to determine your eligibility.
• Choosing the Right Coverage: Find the perfect balance between your coverage needs and budget.
• Comparing Quotes: We compare rates and coverage from over 15+ A-rated carriers to find the best options for you.
• The Application Process: We handle the entire application process on your behalf—from submission to approval—often delivering instant decisions.

We are here to help you find the best mortgage protection for your family. Contact us today to schedule a consultation or click here for a free quote.