When you talk about Mortgage Protection – you have to get real and talk about things No one wants to think about…..BUT - IF YOU DIE unexpectedly – what happen to your home? Can your spouse or partner makes those payments – or would it be a burden that eventually leads to them losing the house – and any equity you have built into it? Without some sort of protection, all too many families already living the nightmare of losing a loved one have it compounded when they end up losing their home as well. Sadly, we’ve seen it happen to folks who didn’t want to discuss how to guard against such a dire situation – it is never pretty.
Despite us believing in the drastic importance of having some sort protection for your biggest physical asset, there are many mortgage protection products we simply would NEVER recommend. You’ve probably read about them online in articles from sites like Motley Fool, Forbes and even USA Today. Many of them are – and we’re trying to be as nice as possible – a really bad bait and switch for the person who is paying into them each month. Why? Because the premiums cost the same all the way throughout those policies - even as the mortgage amount you are protecting decreases. So, that stinks. And we have a way around it.
The GREAT NEWS? We can help you protect your home and bring peace of mind and REAL value to your family – all while giving you back ALL your premiums if you outlive the policy. NO JOKE! Isn’t THAT AMAZING?!?!
Here’s the basics on how it works - in most cases, we can offer you a life insurance policy that is equivalent to or even greater than your loan amount – and about concurrent to the same length as your mortgage agreement (let’s say we take a 30 year mortgage and protect it for 25 years ) – yes, we know 25 is less than 30 – please just give us a second…
The first benefit protects your surviving spouse by paying off the house if one of you dies prematurely (during that term of 25 years. You get what you need to cover the house – AND the extra can cover funeral expenses or other needs.) The second benefit we mentioned already – but it deserves repeating… if you live longer than the term of 25 years, you get back ALL of your premium payments you made – which is often tens of thousands of dollars – and can many times pay off the remaining balance on the house – 5 years early. So, you get the protection you needed, the re-assurance you sought and then you get PAID BACK and can use that to pay off the balance, or whatever you may choose to do with – you could EVEN re-invest it.
One final note – this is NOT the same as PMI (Private Mortgage Insurance) – which is designed to pay back your lender if you default – but will not pay the family a penny. PMI is often required on home mortgage loans with less than a 20% deposit. We see many people make that mistake and say “Oh yeah, I’m covered” and then have no coverage when they need it most.
To find out if you qualify for this incredible 25 year CB policy, contact us today – we can work with you over the phone or from 6 ft away, in person, for as long as that needs to be the case. Either way, we’ll be able to quickly assess your options, explain them, and get you some very powerful coverage and PROTECTION…because that is what insurance is …. Protection.