Outdated Mortgage Protection
Let’s start with the reason Mortgage protection Insurance used to be a bad investment. The old-fashioned design for mortgage protection usually came in two forms…
Problem with this: Although this makes the most sense (“hmm… my coverage amount will always equal my mortgage. If I die, the house is paid off!”), it’s VERY expensive. As the policy’s payout decreases with your mortgage payments, your PREMIUMS get HIGHER as you age in most cases.
Problem with this: At first glance, this may seem like a no-brainer! It’s way better than the first policy, and it may cover your mortgage and MORE if you pass. That’s a good thing right?
- it’s cheaper
- your premiums stay level for a longer term
- death benefits don’t decrease
It’s a major upgrade compared to the first type of Mortgage policy, and was a great plan for plenty of years! But not anymore…
Here’s the problem:
- As shown in the graph, you end up paying for coverage you don’t necessarily need in the long run.
“But wait… More is always better than less right?”
yes… and we will get to that later!
- It’s MORE EXPENSIVE than the new Mortgage Protection policy we have here below.
GET QUICK COVERAGE WITH LOCAL LIFE PRO
New And Improved Mortgage Protection Insurance
Affordable Term Policies
Additional Death Benefit
No Medical Exam Required
The Policy Is Portable
Consumers of the new policy can expect a more complex plan, rather than the “one-size-fits-all” method. While it is a mortgage-based life insurance plan, the policy atacks many angles in an affordable manner.
With the new mortgage protection insurance policy, you can expect:
Death benefits being paid directly to beneficiaries.
Accidental death benefit rider coverage.
Optional additional monthly income payment.
Disability Income coverage.
Cash if critically ill.
Optional spousal Coverage.
Optional coverage for your children.
For more information about the new mortgage protection insurance plan, you can always….
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