Mortgage Protection

Mortgage Protection Insurance: The Protection Your Family Needs

By November 11, 2018 January 28th, 2019 No Comments

What is Mortgage Protection and Why Don’t I Have it Yet?

If you were to have a heart attack, a stroke, or receive a cancer diagnosis today, would you be able to pay your mortgage through treatment and recovery? If you had Mortgage Protection with Living Benefits, the answer would be YES without a doubt. Would your spouse or other family members need to work overtime to keep the lights on? Not if you had a Mortgage Protection plan that offers Living Benefits.

So, what exactly IS Mortgage Protection? Simply put, it’s a life insurance plan that helps protect your home in the event of serious illness or death. According to Equis Financial, “Mortgage Protection plans are designed to provide a death benefit that will pay off all, or a portion of, a client’s mortgage upon death,”[a] which will help alleviate the financial burden left on living family members. I specialize in Mortgage Protection plans with Living Benefits that can help pay the mortgage, the electric bill, buy groceries, hire a babysitter or dog walker, or cover any other necessary bills that you may need help with while disabled, hospitalized, or recovering. In fact, Mortgage Protection plans are some of the most common plans that I help with!

Why do I specialize in Mortgage Protection plans with Living Benefits?

Because I do not want to see people lose their homes due to medical bankruptcy. In recent years, medical bankruptcy has surpassed credit card debt as the number one reason for home foreclosures. [b]When medical disasters strike, far too many families find themselves struggling to keep up with their bills, including their mortgage. According to the Alliance Group, “60% of all bankruptcies in the United States are a direct result of a critical illness and the medical expenses that follow.[c]” It’s true, more than half of all bankruptcies are directly caused by medical bills in the United States. After a critical, chronic, or terminal diagnosis happens, your expenses are bound to skyrocket wile your income is inevitably going to fall. You’ll need to take time off work to go to appointments, receive treatment, and recover—and in some cases, returning to work simply isn’t an option in the foreseeable future. Keeping up with all those expenses when you’re unable to work can be extremely stressful even when you have good health insurance and decent savings set aside. And let’s face it, when the medical bills start to pile up, the absolute last thing a family needs to worry about is whether they’ll be able to pay the mortgage and keep their home.

 

If you have health insurance, you may think you’re covered in the event of a medical crisis, but according to the Alliance Group, “80% of…bankrupted patients had health insurance coverage[d].” While the majority of those who go bankrupt due to medical expenses have health insurance, they’re still unable to cover all their expenses. While health insurance will help cover a portion of the cost of medical bills, it does nothing to help pay your mortgage, rent, electric, phone, tuition, deductibles, or any other bills. Mortgage Protection plans with Living Benefits can quite literally be life changing in such a scenario, providing you with the money you need to cover day-to-day expenses and prevent foreclosure on your home.

Many working people are offered life insurance policies and long-term disability benefits through their jobs, but that doesn’t always mean you have the best coverage. These benefits are certainly helpful during times of crisis, but often the payout is only 60% of your overall income, and it’s typically only available for a certain period. If your expenses go up due to medical emergencies, how will you be able to get by with only 60% of your income? A good Mortgage Protection plan can help fill those gaps and ensure that you have enough funds to make ends meet and cover any additional medical bills.
I believe all families should have access to Mortgage Protection plans with Living Benefits, so they never have to worry about their mortgage payment during already difficult times. Mortgage Protection can give you true peace of mind and allow you and your family to focus on what’s most important, your health!

“I already have Private Mortgage Insurance, isn’t that enough?”

NO! This is a common misconception amongst homebuyers. Private Mortgage Insurance, or PMI, is often required for homebuyers who are unable to afford a 20% down payment. PMI is designed to safeguard the lender if the borrower is no longer able to make payments.[e] What’s that mean? It means the lender still gets their money at the end of the day, but it offers absolutely no protection for YOU, the borrower, in times of personal crisis. With PMI, there’s a very good chance that you could lose your home if you’re unable to make your mortgage payments for any reason, and that’s where Mortgage Protection comes in. Mortgage Protection is designed to help YOU and your loved ones in the event of a critical, life-altering, or fatal event. Mortgage Protection with Living Benefits will ease the financial burden and give you peace of mind knowing that you will not lose your home because of the unexpected.

So now let me ask, if you were in a fatal car accident, would your family be at risk of losing their home to foreclosure? Don’t let the answer be yes. You LOVE your home, you LOVE your family; don’t let medical expenses or death force them from your home. Protect what you love with the right kind of life insurance—Mortgage Protection with Living Benefits. Contact me today and we can customize a plan to make sure you and your family are protected for the future

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