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Mortgage Insurance

Aug 4, 2008
HOW DOES MORTGAGE PROTECTION TERM INSURANCE DIFFER FROM OTHER TYPES OF TERM LIFE INSURANCE? The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. While the face amount of the policy decreases with time, the premium usually remains at level amount. Yes; the purchase of a new mortgage protection term insurance policy is usually not required by the lender.A: Yes, if you are concerned about protecting your home from foreclosure and your family from eviction. Click HERE for more information. A: NO. We offer programs and rates designed to meet almost EVERYONE'S budget! For most people it costs about what they have in pocket change each day. Just ask us for details. A: Obtaining Mortgage Protection Insurance is protecting the best investment most people will ever make: Their home.

Do I need this type of insurance if I already carry home owner's insurance? A: Yes, if you are concerned about protecting your home from foreclosure and your family from eviction. Click HERE for more information. A: NO. We offer programs and rates designed to meet almost EVERYONE'S budget! For most people it costs about what they have in pocket change each day. Just ask us for details. A: Obtaining Mortgage Protection Insurance is protecting the best investment most people will ever make: Their home.Yes, you can cancel your mortgage payment protection policy at anytime if you change your mind.

What other options are available? Some of these benefits are optional such as Waiver of Premium Benefit and Indexation. If required, they must be chosen at the start of the plan and there may be an additional cost. For full details see the Life Assurance companies literature You can choose to include Waiver of Payment benefit. This benefit means that you do not have to pay your premiums if you cannot work for six months or more as a result of illness or injury.You decide how much benefit you would like this plan to pay out. The level of benefit and the period of cover you choose will determine your premium. The plan only pays out benefit once and then all cover ends. Mortgage Protection assurance plans are normally taken in conjunction with a capital and repayment mortgage. The Life Insurance decreases in line with a capital and repayment mortgage so the amount of life insurance will diminish to zero over the term of the policy.

How does the plan work? Life Cover To pay out if you die or become eligible for Terminal Illness benefit, (for example, where life expectancy is less than 12 months) during the period of cover; whichever occurs first. (NOTE: Periods of months noted above may vary between Life assurance providers) . Where available this is included automatically, for plans with a term of two years or more at no extra cost.This mortgage payment protection insurance policy is provided by Bankers Insurance Company Limited, an insurance company authorised and regulated by the UK Financial Services Authority. This is detailed in section 2.3 of the policy wording.

How does mortgage protection term insurance differ from other types? The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium is usually level in amount.In order to make a claim under this mortgage payment protection policy you need to comply with the instructions that are explained in Section 13 of the policy document.

Q: Do you offer discounted life insurance policies? A: No. It is illegal to offer a discount to induce someone to buy a life insurance policy; however, you do not need a discount if the regular cost of the policy is low enough. We offer some of the lowest mortgage protection life insurance rates available in the United States.This is decreasing life assurance. It relates to Capital & Interest repayment mortgages. As the balance of your mortgage decreases the plan is designed to decrease the sum assured at a predetermined rate - usually 10%. This has the effect of lowering the premiums.You decide how much benefit you would like this plan to pay out. The level of benefit and the period of cover you choose will determine your premium. The plan only pays out benefit once and then all cover ends.
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