Types of Mortgage protection insurance

Hi Guest,

Welcome to forum.

The general mortgage protection insurance are :
a. Mortgage life insurance
b. Mortgage disability rider
c. Mortgage Loss of employment rider
d. Mortgage Critical illness insurance.

Hope you will find this information useful.

Please feel free to write back with further queries.

Regards
Jessica

what the different mortgage protection insurance are?

Hi Guest,

A mortgage deal allows a borrower to avail different mortgage protection insurances in case he is unable to pay off the mortgage due to illness or disability. It may also happen that a borrower dies without having repaid the mortgage loan.

The following mortgage protection insurances cater to the needs of such people.

Mortgage Life Insurance: This insurance ensures that even when you die your mortgage will be paid back fully. You can purchase this insurance from the lender. The insurance premium is added to the mortgage payments. A borrower can only purchase it if he is aged between 16 and 64 years and avail the benefits till the age of 80. Know More

Mortgage Disability Rider: The mortgage life insurance is often provided with a disability income rider which ensures that your mortgage payments are made in case you become ill, injured or unable to perform your usual job. This rider provides you with monthly income after about 60 days of disability and you receive the payments throughout a year for each period of continuous disability. It is accessible to people aged between 18 and 64 years.

Mortgage loss of Employment Rider: This payment is added to your mortgage life insurance in case you become involuntarily unemployed. You can avail the benefits after 60 days of being unemployed and continue to get the payments for 9 months after each claim. Borrowers between the age of 18 and 64 years can access this insurance.

Mortgage Critical illness Insurance: This critical illness rider is added to your mortgage life insurance when you suffer from some illness. It helps to pay off your mortgage balance. You can purchase this insurance only when you are aged between 18 and 55 years and enjoy the benefits till the age of 70.

Hope this information will satisfy your needs.

Regards,
Jessica.

What is a general price for mortage insurance, I have had my house for 6 years and still owe approx. $94,000?

Hi Rob,

The cost of PMI varies from one mortgage insurance firm to another. The premium usually charged is 0.5% of the loam amount for the first year of the loan.

Most of the premiums get lowered in the subsequent years. The first year's mortgage insurance premium is required to be paid in advance at the closing.

James

Hi,

This generally depends and varies from one insurance company to another.

Thanks,
Jerry

My father let all of his insurance policies lapse. He is 69 yrs old, diabetic, has prostate cancer is on dailysis. He purchased a home, because he had no deductions costing over $400K. Without paying over $200 for preimums, is there any type of insurance that can be purchased where we dont have to wait 2-3 or even 5 years before any benifits will be paid if he becomes sicker?

Hi DC

Without premium I dont think so you will find any insurance. And frankly speaking I dont have much knowledge into this. Let me search something for you, if i get something I will post it here.

Thanks

Hi,

The amount of premium you will pay depends on the insurance company you have approached. Since you are worried about your father's illness, you can seek a Critical Illness Insurance Policy. This policy pays out on the diagnosis of any kind of critical disease such as cancer, hear disease, stroke etc. The benefit is usually paid out within 28 days of the diagnosis.

Hope this helps. Please go through the above posts for further details on this insurance policy.

Thanks,

Caron.

Hi,

Just wanted to add that you can claim for the critical illness insurance policy only once and it is good to opt for such a policy if you have taken a mortgage.

Thanks,
Jerry

can you direct me to any companies that offer mortgage protection ins. in washington state. i am a broker and would like to license my self to sell this type of coverage

Mortgage Insurance Companies of America (MICA), Washington, DC, is one such company

Hi Rich

I have the address of MICA. You can contact them and know more details as per your requirement.

Mortgage Insurance Companies of America
727 15th St, NW, FL 12
Washington, DC 20005-2168
Ph: 202-393-5566

Does any one know of an insurance co. in California like MICA in WA.

I need more information about this topic. Also how do I get in contact with Avail? I need a quote.