Hello, I’m Chad McMahan with Protect With Insurance, this is another video blog episode, and this one is what is a mortgage protection plan.
First of all, there are a lot of names for the same thing. So if you’ve heard of mortgage protection, mortgage protection insurance, mortgage protection plan, mortgage protection policy, they’re all the same thing.
It is term structured life insurance built around the mortgage so that it pays off the mortgage upon your death. And it can also pay off the mortgage if a whole bunch of different living benefits are triggered.
And the way that these living benefits get triggered is if you’re diagnosed with medical conditions, if you experience a heart attack or stroke, things like that, there are lots of mortgage protection plans that do not pay out for these living benefits.
So it’s important that you talk with your agent about that and it’s possible your agent will not have access to a lot of these plans that have the best living benefits built in. So if you’re concerned about that, please reach out to us because we have access to the best living benefits in the country. And coincidentally, they often have the best prices. And that’s just the way it works. The best programs within the best companies usually have a combination of best price and best program put together, and that’s how they are so successful.
There’s plenty of money to be made for those companies, so they offer you the best and give you the best price. So I hope this has been helpful.
Please reach out to us if we can do anything for you or if you just have a simple question. We’re happy to help you. All right. Stay safe out there.