 Mortgage Protection Insurance
What is Mortgage Protection Insurance?
Very simply put, Mortgage Protection Insurance is simply a Term Life Insurance Policy!!
Unfortunately, it is not only a Term Insurance Policy, but a MORE Expensive type of Term Insurance. If you already own a mortgage protection policy, or if you have been considering purchasing one, you are probably aware of the fact that these policies "require no type of medical exam". While yes, that is more convenient, it also means that the insurance policy is going to charge you more each year for the policy.
Here's an example:
Subject 1: Male, age 35, No Tobacco, $250,000 coverage, 30 year policy, no major health issues (His policy is a Mortgage Protection Plan).
Monthly Premium: $55.35
Subject 2: Male, age 35, No Tobacco, $250,000 coverage, 30 year policy, no major health issues (His policy is a Term Insurance Plan).
Monthly Premium: $27.34
That is a savings of over 50% for the exact same coverage!!! That is a savings of $28.01/month, or $336.12 for the year. That is money that could be invested, used to pay down your mortgage more quickly, or even take a vacation!
One thing you might be asking is, "What about the Return of Premium feature that I get through my mortgage protection plan? I want to get all my premium back at the end of my term!". Good concern wiht a GREAT answer; here at NorthWest Georgia Financial, we write regular term insurance policies that ALSO have that very same feature, but for ALOT cheaper!! The savings tend to be about the same percentage as what is listed in the above example; 50%.
If you would like to find out how you can save money and still get the same (or more) coverage, that will take care of your family in case of an unforseen event, please go to our Quote Section and fill out the quote form to receive a quote and more information.
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