Mortgage protection Insurance, also known as “Mortgage Protection”, is term structured life insurance built around the mortgage. It pays off the mortgage upon your death. Or if you have certain health conditions that develop over time, such as heart attack, stroke, cancer- a lot of conditions are on the list.
So what is the cheapest? There are some companies that tend to have the best prices, but not always. It depends upon your situation and depends upon your age. Believe it or not, depends upon gender. Men statistically live five years shorter than women, so typically men pay more for their mortgage protection. So you need to expect that going into it. There are certain companies and certain programs that give better deals for smokers specifically. There are a lot of different companies.
They vary in price greatly when it comes to diabetes, heart issues and on and on and on. So it depends. There’s not always one company in one program that you want to go with and any competent agent that has access to a lot of these different companies, they’re going to know which ones to price out depending upon your situation. So really, the better answer is how do you partner with an agency or with an agent that’s going to do a great job for you, that’s going to have that information.
You want to go with an agency that’s been around for at least a couple of years. You want to go with an agent that’s been with that agency for or at least they’ve been in the life insurance industry for at least a couple of years, and they’re active and that’s all they do. And you want to make sure that they know their products. So maybe think of a couple of questions. It doesn’t really matter what the questions are.
Any good agent that’s genuinely there to help you, they’re going to embrace your questions because it means that you’re interested and it means that you actually understand more than people that aren’t asking. A lot of people are afraid to ask questions because they feel it’s going to make them look stupid. It does not. It actually, if you ask questions, it demonstrates knowledge and confidence and understanding. So ask a lot of questions. That’s good advice for anything in life.
But when it comes to something that can potentially be complicated, like mortgage protection, it is all the more important that you ask questions. So let me quickly tell you, just a few companies that are known for being very competitive with their pricing for mortgage protection. There’s a company called TransAmerica. Also, American Amicable Mutual of Omaha, these are top rated insurance carriers that have mortgage protection, specific products that are not only excellent because they’re not all the same, they’re not only excellent meaning really good living benefits and very generous death benefits, but also pricing as cheap as possible.
So a really good product and company and as low a price as possible for your mortgage protection. Those companies tend to be good, but there’s always a time and a place for other companies as well. And that’s what we have access to so many of these companies. So if someone tells me they have either perfect health, really poor health somewhere in between, or they have a very specific thing like kidney disease, cirrhosis or something like that, we’re able to get our clients insured when no one else can.
When they have those health issues and when they have excellent health, we’re able to get them the best price on mortgage protection. And again, that’s just because of good access and excellent training. And I think the number one thing is that our agents genuinely care. They really do. So please reach out to us. Let us know what else we can do for you. If you have any other mortgage protection questions, we’re here for you. Stay safe out there.