| Mortgage protection is a type of Life Insurance | | | | earner can be covered for all or some of the |
| that will pay off all or part of your Mortgage if | | | | mortgage balance. Other options will pay your |
| you die. Some forms of Mortgage protection will | | | | mortgage and optionally other bills if you can't |
| also make your monthly mortgage payments if | | | | work do to illness or injury. |
| you become injured or critically ill. | | | | The most popular option actually will return all of |
| Many people feel I already have life insurance why | | | | the money you paid in when you are alive and |
| do I need Mortgage protection as well? Many | | | | well at the end of the coverage term. This means |
| people have life insurance through their jobs. The | | | | if you die your family and loved ones get the full |
| problem here of course is if you loose your Jobs | | | | amount of the death benefit but if you live you |
| you loose your Life Insurance. Still others haven't | | | | get all your money back. The way I like to look |
| looked at their Insurance needs for over 10 years | | | | at this is lets say you pay $50 a month and you |
| or more. The Majority of these are underinsured. | | | | have a $200,000 death benefit if you die your |
| Many people purchased insurance before they | | | | family gets $200,000 but if you live 30 years |
| were homeowners or when they had Mortgages | | | | from now you will receive every penny you paid |
| that were much smaller then they are now. | | | | in ($18,000). They pay you if you live and they |
| There are many kinds of life Insurance and there | | | | pay you if you die. |
| are many kinds of Mortgage protection insurance. | | | | Think of it this way you can put $50 a month in a |
| Most Mortgage protection insurance falls into 2 | | | | bank or mutual fund and if you die 10 years from |
| different categories, the old kind and the new | | | | now your family gets $6,000 plus interest and/or |
| kind. | | | | dividends and/or capital gains or losses. But with |
| The old kind of Mortgage protection insurance is | | | | mortgage protection insurance your family and |
| tied directly to your current mortgage. This | | | | loved ones get the full death benefit of $200,000. |
| means if you sell your house refinance your | | | | Of Course if you live you get your $18,000 back. |
| house you are no longer insured thus you must | | | | What would you rather have a little bit of interest |
| now get new insurance at a higher cost because | | | | or capital gains of the peace of mind that comes |
| your age has changed (your older) and possibly | | | | from knowing your families and loved ones are |
| your health has changed. With the old kind as | | | | protected? |
| your Mortgage declines so does your coverage. | | | | (This is just an example your death benefit is |
| The new kind is independent of your mortgage. | | | | based on your age and may differ from the |
| Thus if you sell or refinance your house you still | | | | above) |
| keep the new kind of coverage. The Death | | | | The best way to find out if you need additional |
| benefit stays the same no matter what happens | | | | coverage is schedule a no obligation appointment |
| to your Mortgage. You have many options when | | | | with a licensed Life Insurance professional in your |
| it comes to the options with the new kind. In the | | | | area. |
| case of 2 income earning families each income | | | | |