Mortgage Protection Insurance Plan Surprise AZ

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. But would your loved ones be able to cover mortgage payments if something unfortunate were to happen to you?
Don’t let worries like this add to the stress of purchasing a home. Term life insurance offers an affordable solution to mortgage protection and can be tailored to meet your unique needs.
Mortgage Insurance Policy Surprise AZ

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.

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.

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.

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.

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.

Mortgage Protection Plan Surprise AZ

Mortgage Protection FAQ

Whos owns the insurance?
Typically owned by the lender. The lender may control what happens to your coverage.
Owned by you. You can control what happens to your life insurance coverage.
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.
Who determines who wCan my coverage be canceled by someone other than myself?ill get the benefits?
Your policy may be canceled by the lender or issuing company. Often, coverage ends with the expiry/cancellation of the mortgage.
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?
These plans are typically group decreasing term only.
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?
Your plan is often mortgage-specific and may not be customized to fit individual financial protection needs.
Yes. Other benefits and features can often be added through optional riders.