Mortgage Protection Insurance Plans in Surprise, AZ
Individual Owned Mortgage Protection Insurance
Buying a home is one of the biggest steps you will take. Also, it is one of the biggest bills you will ever have. So what happens to your family if you are gone? That is why mortgage protection insurance matters. It helps your loved ones keep the home you worked so hard for. In short, it gives your family a safety net when they need it most.
Andy Orlikoff at American Insurance Benefits can help. For example, he uses term life insurance as a smart form of mortgage protection insurance. Also, he tailors each plan to fit your needs and your budget. So call Andy today and get a free quote.
What Is Mortgage Protection Insurance?
Mortgage protection insurance is a type of term life plan. It pays a set benefit for a set cost over a set period of time. Also, your premium stays level for the full term you pick. So there are no surprise rate hikes down the road. As a result, you always know what you will pay. In short, it is one of the most simple and stable plans you can get. Therefore, you can stop worrying and start living.
Bank Mortgage Insurance vs. True Mortgage Protection Insurance
Your bank will likely push their own plan. However, bank mortgage insurance is not the same as true mortgage protection insurance. So what is the key difference? With bank plans, the lender is the one in control. Also, the lender is the beneficiary — not your family. As a result, they decide how the money is spent. Plus, your coverage drops as you pay down the loan. So you get less and less over time. In fact, the Consumer Financial Protection Bureau notes that bank mortgage insurance protects the lender — not you.
However, with Andy’s term life mortgage protection insurance, you stay in charge. You own the plan. Also, you pick who gets the benefit. So your family gets the full amount — not just what is left on the loan. Plus, if you move your mortgage to a new lender, your plan moves with you. Also, you never have to reapply. Therefore, your rate stays the same no matter what. In short, you keep full control of your own coverage.
Mortgage Protection Insurance That Goes Beyond Your Loan
Term life is not just for your mortgage. So once your home is paid off, your plan does not have to end. Instead, you can keep it or convert it to a whole life plan. Also, the death benefit stays level for the full term. Plus, there is a wide range of terms and ages to choose from. Therefore, you get a plan that fits your life now and in the years ahead. In short, term life gives you more freedom than any bank plan ever could.
Customize Your Mortgage Protection Insurance Plan
With Andy’s mortgage protection insurance plans, you are always in the driver’s seat. For example, you can add a Charity Benefit to give back to a cause you love. Also, you can adjust your plan as your life changes. So whether you are a new buyer or refinancing, Andy has a plan for you. In fact, the Insurance Information Institute recommends reviewing all options before buying from your lender. In short, this is your coverage — built around your life. Therefore, contact Andy at American Insurance Benefits today and get started.
Mortgage Protection Insurance FAQ
Who owns the insurance?
Bank plan: The lender owns it. Also, the lender controls what happens to your coverage.
Andy’s plan: You own it. So you decide what happens to your mortgage protection insurance.
Who decides who gets the benefit?
Bank plan: The lender is the beneficiary. Also, they choose how the money is used. So the payout goes to the bank — not your family.
Andy’s plan: You pick your beneficiary. Therefore, your family gets the full benefit. So they can use it however they need.
Can my coverage be canceled by someone else?
Bank plan: Yes. The lender or issuer can cancel it. Also, it often ends when the mortgage ends.
Andy’s plan: No. Your mortgage protection insurance is not tied to one mortgage. So it stays active as long as you pay your premiums. Therefore, you are always covered.
Can I keep it if I move or change lenders?
Bank plan: No. It may end when you sell, move, or pay off the mortgage.
Andy’s plan: Yes. Your plan is portable. So you can use it to cover a new mortgage too. Therefore, you never lose your coverage.
Does the benefit amount stay level?
Bank plan: No. The benefit drops as your loan balance drops. So you get less over time.
Andy’s plan: Yes. The benefit stays level. So your family is always fully protected. Therefore, your coverage does not shrink as you pay down the loan.
Can I get more coverage than my mortgage amount?
Bank plan: No. It is capped at the mortgage amount. Also, options are limited if your health changes.
Andy’s plan: Yes. Your mortgage protection insurance can be higher than the loan. So it can cover other needs too. Therefore, your family has more than just the home covered.
Can the plan build cash value?
Bank plan: No. These are group term plans. So they do not build cash value.
Andy’s plan: Yes. Depending on the plan you pick, you may build tax-deferred cash over time. Therefore, your plan can grow as well as protect.
Can my plan be customized?
Bank plan: No. It is built for the mortgage only. So it may not fit your full needs.
Andy’s plan: Yes. Your mortgage protection insurance plan is built around your life. Also, you can add riders for extra coverage. Therefore, you get a plan that fits you — not just your loan.