Mortgage Protection – easing your biggest concerns.
Mortgage protection is a type of insurance that provides you with a peace of mind by protecting your biggest investment. Read on to learn all the details about this important coverage.
Mortgage protection can help to cover your mortgage payments if any of these events happen:
-You become disabled or unemployed and can’t work for 90 days in a row, or 180 days in four consecutive quarters
-You die
-Your spouse dies
This policy is available as either term life insurance or whole life insurance. Term policies provide coverage for a fixed amount of time, at which point the coverage expires and must be renewed if desired. Whole life policies pay out benefits until you die. Premium rates for whole life policies are generally much higher than those of term life policies.
The insurance company will pay the mortgage company directly, as long as your premiums are up to date.
Among the reasons why you might consider getting mortgage protection:
-You have a young family and don’t want to leave them with a house or condo they can’t afford.
-You are concerned about paying for your children’s education and want to provide them with that security.
-You own multiple properties you can’t afford to lose and ensure their safety by staking a claim on one of them.
Mortgage protection can be used to pay off any debts you might have, like credit cards debt or car loans. As for non-mortgage debt, your mortgage insurance only pays out if your regular income is not enough to cover your debts.
This policy is not like life insurance which can be withdrawn, as the name states. Mortgage protection is a type of life insurance that cannot be withdrawn once it has been purchased. However, once you have owned it for at least three years and you are over the age of 59 ½ years old, you may take a withdrawal from this policy tax-free. You will then have access to any money saved in this policy as well as any interest it might have earned over the years.
You can file for mortgage protection under your own name or with a family member. This makes Mortgage Protection a great way to cover a Parent’s mortgage payments, however this does mean that the Parent will need to declare this as income on their taxes.
It is possible to file for both Mortgage Protection and Life Insurance with the same insurance company. If you do want both, you can either choose the same type of life insurance policy or different types of coverage. The tax-free withdrawal benefit is available in both cases. However, the premiums for Mortgage Protection are generally more expensive than Life Insurance only policies and vice versa.
Mortgage protection is not the same thing as mortgage life insurance. Mortgage protection may be offered as a term policy that you can choose or you may be forced to purchase a whole life insurance policy. Life Insurance policies are designed to provide retirement income for your family; however, if you have a mortgage this coverage might not work as expected. The premium rate on a whole life, term, or universal life policy will depend on how long you are insuring for and how much coverage you need.
Mortgage protection is an additional mortgage product that can be used to complement your life insurance policy. While Mortgage Protection and Life Insurance seem similar, they each have different rules and regulations associated with them. If you are considering purchasing Mortgage Protection or a Life Insurance policy, you should make an appointment with a financial planner before you do so. They can help you select the right product for your needs and budget.
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Conclusion :
This policy can be purchased by age of 60 and will provide protection up to age 90. It can also be used to pay off debts that might not otherwise be paid or meet the mortgage loan requirements. The insurance company will not need to testify as a Section 72 Plan is not a legal entity, therefore security on the account is solely up to the bank and the bank’s policies.
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