Hello, this is Chad McMahan with Protect With Insurance, this is another mortgage protection blog. This topic is mortgage protection, death benefits. What are they? What should we expect? How do they work? What are they costs? All that good stuff. And as always, this is going to be a very short and sweet video. This whole series are jam packed, very short videos with super important information. So first of all, mortgage protection, it is always going to be your term structured life insurance policy.
It’s built that way. That doesn’t really mean you don’t have to do anything. That’s just how it’s built. That’s the engine that it’s built around. OK, but the death benefits, they’re going to be any benefit that pays out upon your death. So depending upon the company, depending upon the insurance carrier, that’s providing your coverage.
You’ll probably have one hundred percent payout for death. And the question always seems to surface, what about suicide, not that people are thinking, I’m going to get this policy and commit suicide, but, you know, people always wonder about that. And that is the one gray area death for a lot of providers. Obviously, you wouldn’t get the policy because it’s going to cover that one another one. Wouldn’t you just you know, committing suicide is just a horrible thing to think about.
But if you commit suicide after two years, typically you’re it’s covered. You know, everything is covered after about two years. But regarding suicide, that’s the one gray area death where if you die within two years of getting the policy, that’s the one thing where there might be an issue. So just to understand that beyond that, you know, all deaths are outside of the realm of suicide. All deaths are covered. All death benefits are provided for mortgage protection.
And again, typically they pay in full. There are some exceptions out there. We certainly don’t write them. You know, we are not contracted with the companies that do not give one hundred percent death benefit. All of the providers that we connect our clients with, all the policies that we write for our clients with mortgage protection, they have 100 percent death benefits hardwired right into the policy. So if you like more information on that, please reach out to us.
We’re here for you. All right. Stay safe out there.