MORTGAGE PROTECTION CAN HELP
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ADVANTAGES TO HAVING MORTGAGE PROTECTION:
- It may be cheaper and easier than buying life insurance for people with health risks or those who work in high-risk occupations, such as roofers.
- You most likely will not need a physical or medical exam to qualify.
- You can customize your insurance to fit your needs: a 30-year plan with full payout of the original loan or a cost-efficient 20-year plan.
- The 30-year plan pays the same benefit whether you die 5 years or 25 years into the mortgage. For example, if you took out mortgage protection insurance on a 30-year mortgage for $200,000 and you die 25 years later when the mortgage has been paid down to $40,000, your beneficiary still gets $200,000.
- Your beneficiary gets paid directly (not the bank) and can use the money for anything – to pay off the mortgage and any other bills.
- The money is tax-free.
- If you pay off the mortgage while the policy is still in effect, you can convert the mortgage insurance into a life insurance policy.
- You can also choose a return of premium option that gives you back every penny of your payments at the end of the term, tax-free, if you haven’t used the policy.