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Mortgage protection insurance is a type of life coverage which focuses on covering the mortgage or home equity in an event of death. Sometimes you are able to add on disability or critical illness to help cover mortgage payments if you have qualifying events occur. Majority of people who purchase mortgage protection already have life insurance to help replace income or provide educational money for children. One of the big differences from the life insurance most people have and mortgage protection is the underwriting. A lot of people who purchased life insurance had to go through nurse visit were they draw blood, take urine sample and do your height and weight. This plans typically have 4 preferred to standard prices and 16 sub standard prices which you don't find out til after they approve you. With mortgage protection there is no physicals or nurse visit and it is usually 1 price so there is no guessing what it might be.
- Most of the death plans also include chronic and/or critical illness so you can be alive and get a payout.
- If you don't have a disability option at work then you can add one to your coverage so you can get a monthly check to make sure your mortgage payment is covered.
- One of the biggest perks is the return of premium where you are betting on you not dieing. You receive a check with all of your monthly payments you made at the end of the policy.
You are able to turn your life saving into a monthly check which is guaranteed never to run out for as long as you live. You are also able to set it up to cover the lives of you and your spouse. On top of having a guaranteed income stream, the money that is still left at death is passed on to your beneficiary.
Avoiding probate and have this passed on to who you want it to by naming a beneficiary.
No more paying someone to watch your money sit there, even if you are losing.