FAQs

Mortgage Protection insurance type of insurance that is designed to help payoff your mortgage in the event of your death.

Your coverage amount will be based off your mortgage balance or the value of your home, whichever greater. This amount will generally remain the same for the duration of your coverage period, unless you request otherwise.

The beneficiary of your Mortgage Protection policy DOES NOT have to be your mortgage company. It can be whomever your desire and can be changed at anytime. This enables your loved ones to have more flexibility so that they can either use the funds to payoff your mortgage or pay the mortgage for a period of time and use the remaining amount to pay for other things that may be more pressing.

Your coverage period will be the same as your mortgage term. However, if you would like more long term coverage, we have access to plans that will cover you for a lifetime.

A well-structured Mortgage Protection policy can also help you pay your mortgage for up to 5 years in the event of illness or disability, allow you to earn up to 10% on the insurance dollars that you spend and provide your loved ones with up to $300,000 in additional funds in the event of your death.

To learn more about how a Mortgage Protection program can help you, please feel free to give us a call at 1-888-439-7770. You can also click here to schedule a FREE CONSULTATION with a licensed, certified benefit specialist.

If you already have life insurance, you may ask yourself "Why do I need Mortgage Protection insurance?" In effort to help you find the answer, we encourage you to ask yourself the following three questions:
    1) Do you have enough life insurance coverage?
    2) Can you use your life insurance while are still alive?
    3) How long can your family sustain with the amount of coverage you currently have?
Experts say that you should have at least 10X your annual income in life insurance coverage. However, that's just a benchmark to get your family started. To help you determine how much coverage you should really have, we recommend that you use the DIME formula which stands for debt, income, mortgage and education. You can also try our Life Insurance Needs Calculator. It's free and easy to use!!

A well-structured Mortgage Protection program will help you pay your mortgage for up to 5 years in the event of critical, chronic or terminal illness. It can also help you pay your mortgage for up to 2 years in the event of a qualified disability. This is NOT something that you can generally do with life insurance.

According to LIMRA, which stands for Life Insurance and Market Research Association, 7 in 10 of all households have reported that they would have trouble covering everyday living expenses within a few months if a primary wage earner died. How long would your family be able to survive without your income?

Private Mortgage Insurance, not to be confused with Mortgage Protection insurance, is a risk-management product that protects lenders against loss if a borrower defaults. It is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price.

Please be advised that Private Mortgage Insurance DOES NOT protect you. If you for any reason you are unable to make your mortgage payments, the bank may still foreclose on your home. If your home forecloses, the mortgage company will use the Private Mortgage Insurance to offset losses if they are not able to recover its costs.

The price of Mortgage Protection insurance is contingent upon your coverage amount, coverage period, age, gender and smoking status. We've seen rates go as low as $25/month and as high as $400/month. It truly depends on your unique scenario.

At The Mortgage Protection Help Desk, we shop around for you to help find the best Mortgage Protection insurance program that fits your budget.

You can generally obtain Mortgage Protection insurance without having to take a medical exam. However, if you opt-in to take a medical examination, you can save a good bit of money.

Mortgage Protection insurance is designed to help pay your mortgage in the event of illness, disability or death. Here's how it works:

  • In the event of a qualified critical, chronic or terminal illness, you can use up to 95% of your coverage amount to pay your mortgage while you recover.

  • In the event of qualified disability, you can receive help to pay your mortgage for up to 3 years.

  • In the event of death, your mortgage can be paid off in its entirety.

  • If you DO NOT use your benefits by the end of your coverage, you can opt-in to receive up to 100% of your premiums back. You can also earn up to 10% on the insurance dollars that you spend.

    Needless to say, not all Mortgage Protection insurance programs are created equal. At The Mortgage Protection Help Desk, we take pride in helping more families stay in their homes and out of foreclosure.

    Contact us today at 1-888-439-7770 to learn about how our well-structured Mortgage Protection insurance programs can help you!! You can also click here to schedule a FREE CONSULTATION with one of our licensed, certified benefit specialists.

    When it comes to Mortgage Protection insurance, each company will have their own issue ages that can range from 18-80 years old. However, most companies will cap out at 60-65 years old.

    Regardless of what your mortgage balance, payment or term may be, the older you are, the less coverage you will qualify for. For this, we encourage you to obtain your Mortgage Protection insurance coverage as soon as you possible and maintain it.

    Reminder: The older you are, the more your coverage will cost. When you purchase your coverage, please be sure to "Opt-in to Lock-in".

    If you purchase a Mortgage Protection insurance policy from an company whose product is specifically designed for Mortgage Protection, it is likely that they will require you to have purchased or refinanced your home within a certain time frame. This time frame is contingent upon the insurance carrier that you select and can range from 3 months to 3 years.

    There are a few carriers who have lifted this requirement because they understand that the needs of homeowners are dynamic and can change at any given time. With this being said, we encourage you to book an appointment with one of our licensed, certified benefit specialists who can help you explore your options. It may not be too late!!

    There is no medical examination required in order to obtain Mortgage Protection insurance. However, if you agree to take one, you can save money.

    A medical exam is typically performed by a paramedic in your home at the insurance company's expense. This exam is performed to determine your insurability. It generally takes about 30 minutes. The healthier you are, the better your rating. The better your rating is, the cheaper your Mortgage Protection insurance will be.

    During your exam you'll be asked for a photo ID and a list of your current and former doctors, including addresses and phone numbers. The paramedic performing your exam will also check your height, weight and pulse rate, draw your blood, request a urine sample, check your blood pressure and, in some cases, administer an electrocardiogram, or EKG.

    After your medical examination has been completed, the paramedic will send your samples and any other information that you provide him with to the lab for testing. Due to the sensitivity of these tests, there is a chance that they may find something about your health that you were unaware of. As a result, your application for coverage can be declined.

    Because of this, we encourage you to apply for your Mortgage Protection insurance coverage on "a non-med" basis first so that that you can secure your coverage. Then, you can apply for the more cost effective version. This way, no matter what happens with your medical exam, you're already covered.

    Your Mortgage Protection insurance policy is contract which means that as long as you pay your monthly premiums as agreed, they cannot cancel your coverage. Even if you may not qualify for the lower rate, you'll still have your coverage and your family will be protected.

    You may be wondering if Mortgage Protection insurance will help you pay your mortgage if you lose your job or become unemployed. If so, you are not alone. In fact, if you have recently purchased or refinanced your home, it is very likely that you have received notifications in the mail that has made reference to providing you with assistance in the event of "job loss" or "unemployment".

    We encourage you to look very closely at the fine print on any of documentation that you receive about Mortgage Protection. In most cases, the only thing that Mortgage Protection insurance will cover in the event of job loss or unemployment are the monthly premiums for the coverage.

    The type of illnesses your that your Mortgage Protection insurance policy will cover is contingent upon the insurance company that you select. To maximize your benefits, we encourage you to obtain a policy that will cover critical, chronic and terminal illnesses.

    Here are some of the illnesses that are covered by our top Mortgage Protection insurance providers:

  • Invasive Cancer
  • Non-invasive cancer (carcinoma in situ)
  • Stroke
  • Heart Attack
  • Coronary Bypass Surgery
  • Angioplasty
  • Aortic Surgery
  • Heart Valve Surgery
  • Coma
  • Paralysis
  • Kidney/Renal Failure
  • Major Organ Transplant
  • Severe Burns
  • Alzheimer’s/ Loss of Independent Living
  • Occupational HIV
  • Loss of sight
  • Loss of mobility (dressing, eating, bathing, etc)
  • Loss of hearing
  • Loss of speech
  • Loss of limbs
  • Benign Brain Tumor
  • Motor Neuron Disease
  • Terminal Illness
  • ALS
  • Blindness
  • Arterial Aneurysms
  • Central Nervous System Tumors
  • Major Multi-System Trauma
  • Severe Disease of Any Organ
  • Major Burns
  • Severe Central Nervous System Disease (Parkinson’s, Huntington’s, Multiple Sclerosis, Encephalitis with long-term effects)
  • The average company will cover 6-8 of the listed illnesses. However, we have access to companies who will cover 10, 16 and even 20 of the listed illnesses.

    At The Mortgage Protection Help Desk, we are passionate about helping to keep more families in their homes and out of foreclosure!! Let us shop around for you to help find (and structure) the best Mortgage Protection program that fits your budget!!

    To learn more, please give us call at 1-888-439-7770. You can also click here to schedule a FREE CONSULTATION with a licensed, certified benefit specialist.

    Most insurance companies will automatically lock in your premium rate for the duration of your coverage period. However, there are a few companies who will require you to opt-in for it.

    No matter which insurance company you choose for your Mortgage Protection insurance program, we strongly implore you to "Opt-in to Lock-in" before you sign on the dotted line!! The older you get, the more insurance coverage costs. The last thing that you want to deal with is monthly premiums that increase every single year.

    The coverage amount for Mortgage Protection insurance will remain the same for the duration of your coverage period, unless you request otherwise.

    We DO NOT recommend that you opt-in for a decreasing coverage amount because your circumstances may change. If you have to refinance or modify your loan, it is very likely that you won't have enough coverage to payoff your home in the event of your death.

    It's natural to think that if you decide to refinance your home or end up doing a modification, you can simply apply for more coverage at that time. If you are considering this, please keep in mind that the older you are, the more Mortgage Protection insurance will cost. In addition, if your health declines, you may no longer be eligible for Mortgage Protection insurance coverage.

    Return of premium is something that you can add to your Mortgage Protection insurance policy. If you opt-in for Return of Premium, you can receive up to 100% of your premiums back if you DO NOT use your benefits by the end of your coverage period.

    This has always been an attractive rider, but it can be pretty costly. If you are interested in Return of Premium, we encourage you to consider an interest bearing product so that you can earn up to 10% interest on the insurance dollars that you spend. It may be more affordable and financially rewarding!!

    To determine which option will benefit you the most, please give us a call at 1-888-439-7770. You can also click here to schedule a FREE CONSULTATION with one of our licensed, certified benefit specialists.

    Mortgage Life insurance, not to be confused with Mortgage Protection insurance, is a term life insurance policy that is designed to payoff your mortgage in the event of your death.

    In general, your mortgage company will be placed as the beneficiary of your Mortgage Life insurance policy. This can be problematic because your mortgage company can sell your mortgage to another company and fail to update this critical information with the insurance company who issued it. As a result, the wrong mortgage company can receive funds to payoff your home in the event of your death. Needless to say, this can delay or even thwart your home from being paid off and place a financial burden on your loved ones.

    Depending on how your Mortgage Life policy is structured, the coverage amount may decrease each year. This can put you at risk if you fall behind on your mortgage, refinance or do a modification. If you do any of the aforementioned and pass away at a later date, you may not have enough coverage to payoff your home.

    Most of the time, Mortgage Life policies WILL NOT have Living Benefits. This can prevent you from receiving the help you deserve to pay your mortgage in the event of illness or disability.

    Many insurance companies offer Mortgage Protection programs. However, not all insurance providers are created equal. Each company has a rating that is issued by an agency called A.M. Best. Before you select a Mortgage Protection insurance provider, it is imperative that you check their A.M Best rating.

    A.M. Best’s Financial Strength Ratings (FSR) represent the company’s assessment of an insurer’s ability to meet its obligations to policyholders. Both the United States Securities and Exchange Commission and the National Association of Insurance Commissioners have designated A.M. Best as a Nationally Recognized Statistical Rating Organization (NRSRO) in the United States.

    The rating process involves quantitative and qualitative reviews of a company’s balance sheet, operating performance and business profile, including comparisons to peers and industry standards and assessments of an insurer’s operating plans, philosophy and management.

    The last thing that you'd want to invest in an insurance company that may not be able to help you when you need them to, right?