Absolute best mortgage protection company insurance companies

Описание: Hello, everybody. Welcome to another life insurance video. This is Chad McMahon with protect with insurance. Now this topic is what is the, or what are the absolute best mortgage protection insurance companies. First of all, what is, what is mortgage protection? It's an optional insurance to pay off the mortgage, in case of your death.
Now these have a ticking clock on them. Mortgage protection is going to be structured as a term. So it's a length of time, typically 10 to 30 years, but these policies are drastically decreasing the foreclosure rates across the country. It's a very, very important kind of policy. And, so it's something that you want to at least look into, price it out.
See if it's something. That can work for you. you know, if, if you're thinking about a spouse, another family member, or even a friend, make sure you bring them into it and just kind of have the conversation with them about, is this something that I should be doing? Is this something that would be helpful?
and then you can always call in and get a quote. So that being said, there are a lot of different ways that you can structure these mortgage protection policies, but there's one way that's worth mentioning. And it's oftentimes it slides through the cracks and it's, and it's missed, there's a mortgage protection policy that is called re it's a full return of premium.
Mortgage protection policy. You don't see it that often. It does cost more, in terms of your premium to get it. But every penny of your investment that you put into the policy over, let's say it's a 30 year policy. Every payment that you put into it, 100% of that investment comes back to you at the end of that period of time.
So again, that's called return of premium mortgage protection, and it's a great policy. If you can afford it, then you know that that's coming back to you at the end, but you have to stick to it. Typically with these policies, you have to stick to it for the full course of that term. Now, there's a common question when it comes to mortgage protection.
And the question is, private mortgage insurance, PMI as the acronym. a lot of people think they already have mortgage protection. They say, Hey, I have PMI. I have mortgage insurance. It's built in, in my mortgage. when I make my monthly payments, I'm covered on tie and that's essentially the question.
The short version is no. it's a very, very common misunderstanding. PMI, private mortgage insurance is not the same thing as mortgage protection. PMI does not benefit you. It's required by you in order to get your loan in order to get approved. But it's required by the lender because it protects the lender.
So if something happens to you, they get a. Basically payment of a life insurance policy and it just, it doesn't pay off the mortgage. You still owe every penny. it's just that it covers the risk of if something happens, there's an actual calculatable risk to the lender. anytime that a borrower passes away.
And so it's the way to, to cover that added. Risk and they have a policy for it. So that's your PMI now? Mortgage protection is the opposite of that. It sure it benefits the lender in the sense that they get their money back because it pays off that loan, but it entirely is built to benefit you the insured well, the benefit, the beneficiaries of the insured.
So you pass away, the mortgage is totally paid off. And your beneficiary receives that at home owned free and clear with no mortgage anymore. Now, a lot of people that can't, let's say you're looking at a husband and wife, something like that. and you have partners of some sort and a lot of times, one of them passes away.

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Protect With Insurance
989 S Main St Ste A-293
Cottonwood, AZ 86326
(928) 323-0933