what is home protector insurance
If you recently refinanced or bought your first home, you can expect to receive multiple offers from companies that sell mortgage protection insurance. Some of these offers may be frauds.
It is unpleasant to be bombarded with offers for the exact product, mainly when the advice can be somewhat confusing. But, the majority of people are not adequately covered in the area of life insurance. The mailer recommendations are a reminder - warning you of the need for insurance. The prospect of taking on a significant credit card should prompt you to reconsider your life insurance.
Most companies offering medically-underwritten level life insurance offer three or four non-tobacco underwriting classifications, ranging from Standard to Preferred Best. If you are in excellent health, the rate for Preferred Best Non-tobacco will be much less than Standard Non-tobacco. If you are a non-smoker, overweight, and taking medication for Hypertension (for example), you might qualify for the Standard Non-tobacco rate.
Several insurance firms are included in the list of companies informing you that you must safeguard your mortgage by acquiring the "mortgage assurance" policy. Homeowners often plea to assist their family members in staying at home in case they die suddenly.
If you recently refinanced or bought your first home, you can expect to receive multiple offers from companies that sell mortgage protection insurance. Some of these offers may be frauds.
Let's say you own a mortgage of $250,000. The mortgage protection policy typically offers you $250,000 in term life insurance over the loan. If you pass away, the family members can take care of the debt and remain in the house. Sometimes, they're designed so that the policy will decrease in value as time passes (as you pay off the mortgage).
It would help if any representative didn't pressure you. Be patient when looking at the various alternatives. We're here to aid you with this. So, don't hesitate to contact us for a complimentary consultation or to request a custom quote.
Mortgage life insurance is more expensive than the guaranteed level of term insurance. It's generally offered as a "Non-Medical" insurance product. Non-medical means you're not required to undergo an examination (including urine and blood samples) to be eligible for coverage. The application process is made simple. It's quick and straightforward and only requires a small number of health-related questions. Mortgage Life Insurance is typically offered in just two categories: Standard Tobacco and Non-tobacco.
The good news is that the annoying mailers you receive are also accurate about the cost. It's generally quite affordable to buy $250k in Life insurance for a term (assuming you're in good health).
Be wary of offers asking for personal information such as social security numbers, bank account numbers, or credit card details. Most trustworthy companies will not request this data when they initially contact you to inquire if you want to buy mortgage insurance to protect you from the mortgage.
Is mortgage protection insurance required? Mortgage protection insurance isn't needed. It isn't the same as private mortgage insurance, which many banks or lenders will require you to buy.
A mortgage protection life insurance policy is a term life policy explicitly designed to repay mortgage debts and associated costs in the event of the borrower's death. These policies differ from traditional life insurance policies. With a conventional policy, the death benefit is paid out when the borrower dies.
Once you pay off your mortgage, you will no longer have a lender requiring you to have homeowners insurance. While you aren't federally required to have it, keeping your coverage is essential since it protects you financially if your home incurs significant damage or someone is injured on your property.