What is Mortgage protection? It is a type of insurance that covers your mortgage for you or your lender in case of death and or disability.
With the right company, this protects not only your mortgage, but also your health, and even acts like life insurance too. And of course, we can modify it to suit any needs you may have. We only work with companies that are A+ rated. What this means, if something happens to you or your spouse or family and you can’t cover the mortgage payments, then they pay the loan off or make payments.
Mortgage Protection insurance is intended to cover just your mortgage repayments if you die. In contrast, Life insurance policies, on the other hand, are mainly to protect you, your family, and your wealth.
In contrast, PMI-Private Mortgage Insurance, which you are required to have from your lender when you get a loan, will only cover the bank and not you. The average PMI is between 0.22% to 2.25% of your mortgage, which $30 to $70 per month for every $100,000 borrowed. Keep in mind that it only benefits your lender. https://homeguides.sfgate.com/calculate-pmi-mortgage-insurance-7763.html
We can even set up Mortgage Protection Insurance to cover you for major medical. If you can’t work from chronic, critical, Terminal, or accidental illness. Such as what your medical insurance does not cover. You have peace of mind, and a big worry is no longer an issue because your mortgage is paid.
We can set you up with a type of Mortgage protection that does it all (IUL). It will have cash growth equity. That way you have the money you put into it growing and you have multiple options besides mortgage protection, like using it for retirement, kids’ college, or pull it out when you need it. There are ones that grow at 5-12+% without ever losing a dime… So, you have your mortgage protection and a savings plan, so you can get your money back at any time or let it grow and ride for retirement.
It is a Supper Roth, that with greater limits, and that you can pull out your money when you need it. It works like a combination of a retirement plan placed inside of a life insurance policy. So, you have a stock investment plan that cannot lose your money! It has very low fees less than 1% (401k are 6%+ https://www.investopedia.com/articles/personal-finance/061913/hidden-fees-401ks.asp).
The best part is that it is tax-free when you take it out. Also, has Living Benefits too. We can set it up any way you need it to be. For you to be covered, you may need a Med exam or just a questionnaire and check with your Dr, or a nurse will come by and take a blood sample.
Let us know if you what to go for it. Or anything else you may need. To move forward, we will need some information. We can meet on a call or Zoom at your convenience.
Dr. Richard Krejcir is a pastor and a licensed and experienced Financial Consultant with over thirty years of experience. He has worked for major banks, insurance companies, nonprofits, and families too. He is also an author, Special Ed Teacher, and financial blogger and holds a doctorate in Finance and Stewardship.