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How to Obtain the Best Mortgage Protection Plan

Evaluating Your Needs

The first step in sorting through Mortgage Protection Plans is to determine exactly what you need in a Mortgage Protection Plan. Write down what types of expenses (in addition to your mortgage) you want to have covered by the death benefit of your Mortgage Protection Plan. This number should then become your death benefit or coverage amount. After you’ve determined what your death benefit will be, decide how long you’d like your Mortgage Protection Plan to last. A family’s mortgage is usually their largest debt, so most often you will use the duration of your mortgage as the duration of your Mortgage Protection Plan. Lastly, think about any other coverage options you’d like to have included in your Mortgage Protection Plan. You might consider adding an accelerated death benefit to help if you should be diagnosed with a terminal illness. You could also choose to add an accidental death benefit to give your family an extra death benefit should you die in an accident. Once you’ve settled on a choice in each of these areas, you're well on your way to finding the perfect Mortgage Protection Plan for you and your loved ones.

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Term Life Insurance vs. Whole Life Insurance

When you're searching for the best Mortgage Protection Plan available, term life insurance offers some compelling benefits for funding the Mortgage Protection Plan over whole life insurance. A Mortgage Protection Term Life Insurance Plan means that you'll have a much less expensive premium because your Mortgage Protection Plan is not creating cash value. A Mortgage Protection Whole Life Insurance Plan is much more expensive because, in addition to the actual cost of the life insurance, you're paying extra to create cash value within the Mortgage Protection Plan. A Mortgage Protection Plan and life insurance should never be used as an investment tool. A Mortgage Protection Term Life Insurance Plan offers a decreasing death benefit, so you can pay a lower premium over the course of the term. A Mortgage Protection Whole Life Insurance Plan has a level death benefit, and therefore has a much higher premium to accommodate the level death benefit and cash value of the Mortgage Protection Plan. A Mortgage Protection Plan should be designed to make your life easier and not stress your budget. Using term life insurance helps to control costs and simplify the Mortgage Protection Plan design.

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Employer Sponsored Term Life Insurance

Many employers are now offering term life insurance to their employees as part of their benefit packages. This benefit can be extremely inexpensive, since many employers supplement the premium amount. The drawback to relying solely on employer-sponsored term life insurance is that you can’t take it with you when you leave the company or retire, which will leave you without any Mortgage Protection Plan until you apply for one. After you’ve left your company, the premium for your Mortgage Protection Plan you apply for will be much higher. This is because of two factors: you're older than you were when you started with your former employer, and any health problems you’ve had between the time you started with your former employer and the time you apply for a Mortgage Protection Plan will be taken into consideration by the underwriters at the life insurance company. The best time to get a Mortgage Protection Plan of your own is now, not when you leave your employer.

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Future Expenses to Consider

When you decide to purchase a Mortgage Protection Plan for you and your loved ones, you're doing much more than just making sure your family gets to live in the home you bought together. You're ensuring them a certain way of life. The best Mortgage Protection Plan you can get is the one that provides for all of your family’s necessities, like college tuition, funeral/burial expenses, everyday household living expenses, income replacement, and total debt repayment. A Mortgage Protection Plan will help your family continue their lifestyle they've grown accustom to after you’re gone and, if you set them up properly, far into the future. At TermAdvantage, we help you get the most affordable Mortgage Protection Plan available. We help you to determine what types of future expenses to build into your death benefit. Once this is done, we shop over 2,000 life insurance companies to ensure you get the best Mortgage Protection Plan at a price you can afford.

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Maintaining Your Mortgage Protection Plan

One important aspect in obtaining the best Mortgage Protection Plan is keeping it. When you apply for a Mortgage Protection Plan, your age and health are in a better state than they'll be in the future. This makes it imperative for you to hold onto the Mortgage Protection Plan you're issued. Paying your premiums on time will enable you to keep your premiums locked-in and keep your Mortgage Protection Plan active. When purchasing a Mortgage Protection Plan, you may opt to include a waiver of premium rider that will waive your premium payments should you become disabled. Short of this rider, there is no protection against a Mortgage Protection Plan lapse if you fail to make your premium payments. So mark your calendar and pay your premiums on time, so you can keep the Mortgage Protection Plan you chose to protect your home and family in the event of you passing away or becoming disabled.

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