Mortgage Protection Insurance Plan in Surprise Arizona
Individual Owned Mortgage Protection
Purchasing a new home can be both exciting and stressful. For many people, a mortgage is the largest investment they will make in their lifetime. A new home can be not only a fantastic life changing experience, but also can be a great investment. However, as such a big payment, a mortgage can come with some serious risk. You may be able to pay off your mortgage with no problems, but would your loved ones be able to cover mortgage payments if something unfortunate were to happen to you? Term life insurance offers an affordable solution to mortgage protection and can be tailored to meet your unique needs.
What is term life insurance?
Term life insurance can be an affordable life insurance option. It provides a fixed death benefit for a fixed premium payment, over a fixed period of time. Your premium payments are guaranteed and will remain level for the term you select. With term life insurance, there’s no longer a need to worry about losing money on your life insurance. You can feel confident that you will remain properly protected no matter what happens.
But my bank is offering me mortgage insurance
Your bank or other mortgage lender will likely recommend their mortgage insurance. However, regular mortgage insurance offers you little control in what happens to your coverage. The lender is the beneficiary and decides how proceeds are spent while your coverage declines as you repay your mortgage. More traditional options for mortgage insurance typically give the lender all of the control, allowing them to do determine how that money is used, rather than giving you the control you deserve for your own money. Without any control over your coverage, you are left constantly worrying about whether the amount would actually be enough in the case of an emergency. The whole point of insurance is that it gives you peace of mind. Even if you never end up using the insurance, the knowledge that it’s there in a wort case scenario gives you confidence. However, if you have no control over the coverage, it defeats the entire purpose.
With Term Life insurance, you’re always in control. You own the certificate, decide who the beneficiaries are and your coverage amount remains level even though the mortgage balance decreases. And if you decide to move your mortgage to another financial institution, your term insurance goes with you. You do not have to reapply for coverage and your rates won’t increase. With term life insurance, you can rest easy knowing that you and your loved ones will always be alright. Term life insurance lets you live your life and make decisions completely stress-free.
More than just mortgage protection
What’s more, because term life insurance can be used for a range of time-sensitive expenses, and not just mortgage protection, you’ll have the option to renew your certificate once the mortgage is repaid or convert to a permanent or universal life insurance plan. Premiums and the death benefit are guaranteed plus there’s a wide selection of terms, issue ages and valuable built-in features. The dynamic nature of term life insurance allows you to maintain protection using this service, even if you no longer have the mortgage. This ability gives you more freedom to live your life the way you want to without worrying about payments and insurance.
Your insurance, your life, your way
Term Life insurance offers you options to customize your coverage and also provides you the opportunity to contribute to your favorite causes with our Charity Benefit provision. The freedom of term life insurance lets you focus on your own life and the challenges that come with it. The convenience of term life insurance allows you to be free of the worries that come with preparing or emergency situations.
Mortgage Protection FAQ
Who owns the insurance?
Who determines who will get the benefits?
The lender is often the beneficiary. You may have no choice in how the proceeds are spent.
The lender receiving the proceeds, generally applies it to pay off the mortgage.
You decide who will be named beneficiary and receive the proceeds.
Can my coverage be canceled by someone other than myself? I’ll get the benefits?
No. Although your coverage offers mortgage protection it is not tied to a specific mortgage or need. When your mortgage is finished your coverage may remain in force, except in the event of non-payment of your life insurance premiums.
Can I continue the coverage if I change companies or move?
Your insurance may end when the mortgage is repaid, assumed, canceled, the house is sold or the group policy terminates.
Yes. Coverage is portable and you can use it to cover another mortgage, if desired.
Is the benefit amount level?
Benefit typically declines in line with the outstanding mortgage balance, if it is decreasing term insurance.
Yes. Amount of benefit can remain level even though the mortgage balance reduces.
Can I apply for more coverage than the mortgage amount?
Amount of benefit may only be for the amount of the mortgage, and there are limited options if your health changes.
Yes. Coverage can be higher than the amount of the mortgage to cover other needs.
Can the plan be designed to build cash values?
Yes. Depending on the life insurance coverage you choose you may be able to take advantage of tax-deferred cash accumulation options.
Can my plan be customized to meet my individual needs?
Yes. You have control over every aspect of the plan, allowing you to customize your plan to whatever will best fit your lifestyle. Other benefits and features can often be added through optional riders.