Mortgage Protection Plan

A house with a mortgage is more than just a house. It's a home. And with your home comes the responsibility of protecting those who live in it. Although we don't like to think about it, the death of a loved one can lead to bills piling up without any means to pay them. A mortgage protection plan provides you and your family with the peace of mind that comes with knowing your mortgage will be paid when you pass away. As a new or experienced homeowner, it is difficult to think of what may happen to your family members in the event of your unexpected death. When new homeowners close escrow, they are bombarded with proposals for a mortgage protection plan, proposals that are often not the right fit. Choosing the best product and receiving the lowest-priced mortgage protection plan available is difficult, as you do not want to end up paying more for the exact same product.

There are several different types of decisions regarding a mortgage protection plan that a person is often faced with. Many homeowners think they are protecting their mortgage by purchasing PMI (private mortgage insurance). PMI, also known as Lender's Mortgage Insurance (LMI), is the product in which the homeowner is required to purchase to protect the lender in the event of them defaulting on their loan. PMI protects your lender, not you! A mortgage protection plan is a life insurance policy that is used to protect the homeowner's family in the event of their unexpected death. A mortgage protection plan allows you to decide who the coverage amount (also referred to as a death benefit) goes to and how the money will be disbursed. Your mortgage protection death benefit is guaranteed to not decrease and your mortgage protection premium is guaranteed to not increase for the entire length of the policy holding period.

Upon closing escrow, homeowners are urged to purchase a mortgage protection plan. Protecting your mortgage is one of the first responsibilities that you must take upon yourself as a homeowner. A mortgage protection plan is the same idea as term life insurance coverage. In all reality, term insurance is the vehicle used for a mortgage protection plan. A mortgage protection plan protects your family from being foreclosed on and evicted if they default due to your unexpected death. Just like life insurance, a mortgage protection plan is designed specifically with your family in mind. One of the greatest worries for your family is taken care of upon receiving a mortgage protection plan.

In the past, mortgage protection rates were determined by the outstanding balance of the mortgage. However, these days most quality mortgage protection plans will pay the original mortgage balance, despite changes in the value of your home throughout the policy holding period. Your mortgage protection death benefit can be paid out in one lump sum or in installments depending on what mortgage protection plan you choose. A mortgage protection plan allows you to choose which expenses are paid, and it is not limited to the mortgage payments. These death benefits can be used to make payments on a number of things besides paying off your mortgage, including credit card debt, auto loans, tuition, funeral/burial expenses, nursing home costs, home equity lines of credit (HELOC's), and even everyday bills and expenses.

As a new or experienced homeowner, it is difficult to think of what may happen to your family members in the event of your unexpected death. Ensuring that your family stays in the home that they love is one of the first steps, and a mortgage protection plan is the peace of mind to ensure this happens. TermAdvantage understands that you need to consider many things when shopping for a mortgage protection plan, and this is why we are committed to providing you with the best-priced and most accurate mortgage protection quotes available from the industry's highest-rated (A or better by AMBest.com) mortgage protection companies.

When choosing a product to protect your family's financial future, a mortgage protection plan is the single most important product you can purchase. A mortgage protection plan allows you the option of decreasing your coverage amount as often as needed as your mortgage decreases. As your coverage amount decreases, your mortgage protection premium will decrease accordingly. Your mortgage protection premium will decrease at the rate when it was locked in at today, rather than it being five or ten years from now's prices, which will be much, much higher. You have the option of not decreasing your coverage amount at all, and instead, keep your full coverage amount for the entire length of your policy holding period or until your death (whichever comes first). Your mortgage protection death benefit can be used upon your death for anything your beneficiary(ies) would need.

TermAdvantage is committed to finding you a mortgage protection plan that fits your needs and budget. Since mortgage protection plans can vary in price, TermAdvantage shops over 2,000 mortgage protection companies to find a mortgage protection plan that meets your specifications. While the decision to purchase a mortgage protection plan is an important one, TermAdvantage is committed to finding you the best available mortgage protection plan at the lowest rate from the nation's highest-rated (A or better by AMBest.com) mortgage protection companies.


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