Mortgage

Protection

Mortgage Protection Insurance Can Save Your Home And Provide Peace Of Mind

If anyone depends on you for housing, you may need a mortgage protection insurance plan.

We all want to live long and prosper. But if something happens to you, you’d want to have protection for your loved ones so they can pay the mortgage and other expenses. At Secrest Financial, we specialize in mortgage protection life insurance.

We Are Here To Help!

Reach out to us today to find the coverage you need!

What Is Mortgage Protection Insurance?

For middle-income Americans, the home is often the biggest investment made. The best way to protect that investment — in case something happens to the breadwinner — is the mortgage protection insurance. Without an insurance policy, the family’s finances could be in jeopardy, and so could their chances of staying in the home. Last year alone, there were over 500,000+ foreclosures in the country due to unexpected death or critical illness that created financial hardship and inability to pay monthly mortgage payments.

When you close on a mortgage or home equity line, you’ll likely get an overflow of solicitations for mortgage protection insurance, with few details on what’s actually being sold. It’s typically disguised as communication from your mortgage lender.

Mortgage Protection Insurance is a type of life insurance meant to pay off your mortgage if you were to die. Some policies cover mortgage payments (generally for a limited time) if you become disabled. Also, there are some policies that give you all your money back if you do NOT die by the time the mortgage is paid off. These cashback policies are especially popular with homeowners under 50 years old.

Who Offers Mortgage Protection Insurance?

Usually, it’s NOT your lender that will sell you Mortgage Protection Insurance. Lenders do NOT offer this coverage, only life insurance companies do. So, when the lender closes on your loan, they share your information with people who specialize in selling mortgage protection insurance policies.

Mortgage Protection Insurance Vs. PMI

Mortgage Protection Insurance is different from private mortgage insurance (PMI). When your down payment is less than 20% of the home’s value, which is considered a higher risk loan since you don’t have too much equity built in, the lender charges you the PMI fee. This is the insurance that protects them, not you and your family, if you ever become upside down on your loan and is included as a line item in your mortgage payment.

Cost Factors

When figuring out premium costs, insurers consider:

• Your age

• Medical history

• Lifestyle

• Length and amount left on the mortgage

• Field underwriter’s assessment

The good news is that your premiums will stay the same throughout the duration of your policy as you’ll be locking in affordable premiums now when you can qualify for it.

The best time to get coverage is when you can qualify for it. You never know when someone’s health could deteriorate, which would potentially make them uninsurable for Mortgage Protection Insurance.

Exclusions

90+% of our people who are requesting mortgage protection insurance will qualify for it. Our highly trained field underwriters will be able to determine which insurance companies will be able to officially approve your case and offer you mortgage protection insurance coverage..

Our Process

As insurance professionals, we’re here to help. We have a license and a duty to act on behalf of our clients — in their best interest at all times. When we meet with you, we try to understand the following:

-Who and why you are trying to protect from unexpected events

-What your health and financial situation is

-What other insurance do you have

-What assets are in place, like a 401(k), 457, 403(b), TSPs, etc.

We gather this information so we can get to know where you’re at. Once we know that, we’ll know where to take you and can make recommendations based on your wants, needs, and budget. At Black Swan Insurance Group, it’s our job to implement the tools we have to help you protect your family and achieve your goals.

Need Help? Contact Us.

Before you decide on a life insurance policy, it’s wise to shop around to find the best plan. We have access to 20+ top insurance companies in this space and will be able to find the best solution that gives you a piece of mind and is within your budget.

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