Hello, this is Chad McMahan with Protect With Insurance, this is another mortgage protection blog. This one is mortgage protection, insurance versus mortgage protection. What are they how are they different? How are they the same? As always, I greatly respect your time and the value of your time. So I’m going to make this short and sweet as possible. First of all, they are essentially the same thing. Mortgage protection and mortgage protection insurance. There are a lot of terms for the same thing.
And it is a it’s always or at least this is how it should be done. It’s a term life insurance structured policy that’s dedicated to pay off that mortgage of yours. So if something happens, you know that your loved ones are covered and it is tax free when it pays out. It’s one of the many benefits of it being structured this way. Also, the most desirable mortgage protection policies. They’re typically level not decreasing, decreasing means that they go down as the mortgage goes down, which is very logical.
It seems like that would always be the way that you would want this policy. But the most competitively priced and best programs are not what you would expect.
They’re actually level meaning that the policy starts here where the mortgage is. But as the mortgage goes down, the policy stays where it originally started so that if something happens, let’s say 20 years goes by and you die or it pays out because of a living benefit or whatever the reason. But the policy pays, the mortgage gets paid, and then what’s left is tax free. And it goes either in your bank account or in your beneficiaries bank account. And you may say, well, why would it go in my bank account?
Well, if it’s a living benefit that pays, you’re alive, you receive the money. If you die, it’s called the death benefit. And that’s what you’re a beneficiary. It gets. And a lot of these mortgage protection policies have phenomenal, phenomenal living benefits where you get diagnosed with a whole long list of health conditions and just that diagnosis, they’ll send the money. So it’s very, very important. Reach out to us. I mean, the living benefits, I can’t say enough about them.
They are crucially important. We’re on a countrywide health decline and it’s important to get that protection in place. You know, we all think that we are invincible when we’re in our 20s. Most of us usually are 30s as well.
And then we start to feel a change in our 40s, which is I just dipped into my forties and you start to feel like maybe I’m not invincible. And then before you know it, you’ve got diagnoses of diabetes, blood pressure issues, anxiety, all these different things that kick in.
And as we get older, you get more and more of these issues surfacing. So while you’re young, while you’re healthy, grab yourself a policy. At least get a quote, reach out to us. We’ll even text you a quote. Anything we can do for you. All right. Stay safe out there.