What Is Mortgage Insurance Protection? (2020) | Insurance Talk | Dr Sanjay Tolani

Описание: Hey guys, in today's video I want to cover a topic that is not commonly brought up but extremely important for people who have mortgages which is Mortgage Insurance Protection. 🤔

Now, when you buy an asset like a property, you have got two ways of paying for it:
Number #1: You either pay from your entire cash amounts,
Number #2: You pay a down payment and then you get a bank to lend you money against that asset.

This is what we call an “asset backed loan” where there is an asset and you get a mortgage on that asset. However, if this is an asset that you’re living in, you don’t want your family to have to move in the event something happen to you.

So, what do you do is you buy an insurance policy to cover the liability, this liability insurance is called a “mortgage protection insurance” which means as soon as if something did happen to you, your mortgage gets paid off, so the liability that you have with the bank gets paid off by the insurance company so your family doesn’t lose the asset that you actually wanted them to have.

In summary, the whole purpose of mortgage protection insurance is that if you have any liabilities, this insurance would cancel those liabilities for you.

And that’s all about mortgage protection insurance! If you have any questions about this topic, please leave it in the comments and I will make sure that I cover them in my next video! Cheers! 🤘 🤘 🤘

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🎖 Who is Dr Sanjay Tolani? 🎖
Dr. Sanjay Tolani became the “youngest member” at the age of 19 and the “youngest life member” at the Age of 28 to the Million Dollar Round Table (MDRT). He also has 13 Top of the Table Qualifications (TOT), which is considered the pinnacle of the financial services profession. To top things off, he is also the youngest Managing Director of an insurance brokerage in the Middle East.

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