Mortgage Life Insurance
The basics: Mortgage life insurance is designed to cover only the balance of a mortgage and nothing else. This policy type is different from the life insurance types above in two major ways. First, the death benefit is paid to the mortgage lender, not a beneficiary that you choose. Second, the payout is the balance of the mortgage, or partial balance if that’s what you insured.
Who is it good for: Mortgage life insurance is intended for people who are primarily concerned about their family being burdened by the mortgage if they passed away. It can also be appealing to someone who doesn’t want to take a medical exam to get life insurance. One of the key benefits is that you can qualify for a coverage that my cover your entire mortgage plus some at a reduced cost.
Downside: This type of policy won’t provide financial flexibility for your family beyond the term but there are other forms of term life coverages, so contact us to understand the differences, pros vs cons, as well what benefits you and your family might be able to take advantage of.
If you’re looking for life insurance to cover a mortgage or other debts, you’re better off with term life insurance. You can choose the term length and amount, and provide more than just mortgage money to your family. Your family can use a payout for any purpose. They may decide to use the money elsewhere.
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Disclaimers: This website is operated by Marcos Rubio, an independent licensed agent licensed in California, Florida, Hawaii, Arizona and Nevada, as an independent insurance agent. CA License #4033801, Florida License #W670799, Hawaii License #515531, Arizona License #19464742 and Nevada #3578407. contracted with National IMO Company Family First Life. Copyright © 2020 Family First Life US - All Rights Reserved. Marcos Rubio does not underwrite any insurance that appears on our website. Insurance quotes appearing on this website are non-binding. While we have done our best to ensure all rates shown are accurate; human error is a possibility. In the rare event we made a mistake regarding pricing, the carrier’s rates will always supersede whatever rate appears on our website.
Not all products are available in all states. Product eligibility for each carrier varies depending on the following factors: resident state of the insured, age, and medical underwriting restrictions. All plans with no waiting period require an applicant to be medically approved by the insuring company and are subject to the incontestability period. All guaranteed acceptance plans that have no health questions will be subject to the insurer’s defined waiting period before benefits become payable under the policy provisions. In the rate event we made a mistake regarding pricing, the carrier's rates will always supersede whatever rates appear on our website.
Whole life final expense insurance available through Marcos Rubio insurance agency may be underwritten by any of the following insurance companies: AIG, American Amicable, American Continental Life Insurance Company (Aetna), American Home Life, Americo, Assurity, Baltimore Life, Foresters Financial, Gerber Life, Great Western, Kemper, Liberty Bankers Life, United of Omaha (Mutual of Omaha), Pekin Life, Prosperity Life Group, Royal Neighbors of America, Sentinel Security Life, Transamerica, or others.
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