10 Questions to Ask Before Buying Mortgage Protection Insurance
Get your Mortgage Protection Insurance questions asked before taking the plunge.
When it comes to purchasing mortgage protection insurance, it’s important to do your due diligence and ask the right questions. After all, you want to make sure you’re making a wise investment that will provide the coverage you need in the event of unexpected events such as job loss, disability, or death. From the types of policies available to the waiting period for coverage to kick in, we cover everything you need to know to make an informed decision.
Before making any moves, be sure to read these top 10 question & answers about Mortgage Protection insurance:
1) What exactly does mortgage protection insurance cover?
This type of insurance typically covers your mortgage payments in the event of certain unexpected events, such as disability, job loss, or death.
2) What are the different types of mortgage protection insurance available?
There are different types of mortgage protection insurance, including term insurance, whole life insurance, and disability insurance.
3) What is the premium for mortgage protection insurance?
The premiums varies depending on a number of factors, including your age, health, and the amount of coverage you require.
4) How long does the coverage last?
The coverage period depends on the policy you choose. Some policies may offer coverage for a specific period of time, while others may offer coverage until the mortgage is fully paid off.
5) What is the waiting period for the coverage to kick in?
The waiting period for the coverage to kick in varies depending on the policy. Some policies may have a waiting period of 30 days or more before benefits are paid out.
6) Can the policy be canceled, and are there any penalties for doing so?
Yes, policies can be canceled, but there may be penalties for doing so. It’s important to carefully review the terms of the policy before purchasing.
7) How is the payout amount determined?
The payout amount for mortgage protection insurance is typically based on the amount of your monthly mortgage payment, although some policies may offer a percentage of the total amount.
8) What exclusions apply to the policy?
There may be certain exclusions, such as pre-existing conditions or certain types of jobs.
9) Will the policy cover any other debts in addition to the mortgage?
Some policies may offer coverage for other debts in addition to the mortgage, while others may only cover the mortgage.
10) How do I know if this type of insurance is right for me?
Consider your financial situation, the amount of debt you have, and your ability to continue making mortgage payments in the event of unexpected events. Speak with a Pivotal advisor to determine if mortgage protection insurance is right for you. Call NOW for a FREE policy quote.
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About Pivotal Life Insurance
Pivotal Life Insurance is a family owned, independent insurance agency that focuses on income protection and family security through Life Insurance products (Term Life, Whole Life, Final Expense), Mortgage Protection and Annuities. With a range of product offerings, we accommodate the varying needs of our clients through resources provided by the nation’s top rated carriers. Although we are headquartered in South Florida with a branch in Maryland, we service most of the United States as our agents are licensed throughout the country. Pivotal Life Insurance is one of the fastest-growing agencies and we pride ourselves in putting you, our customers, first.
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For more information or if you’d like to join the Pivotal family, visit www.insuranceispivotal.com or call at 561-412-5500.