7 Things You Need To Know About Mortgage Protection Insurance

Hi. I’m Matthew Claassen with ShieldInsuranceSolutions.comin Palm Beach County Florida. For most of us the mortgage on our homes is our greatest financial commitment that we will ever make. However, a home is more than just the roof over your head. For children it is their sanctuary. It’s where memories are made. However, since 2009 over 2,700,000 families have lost their home to foreclosure annually in the United States and half of those foreclosures could have been prevented with the right kind of mortgage protection insurance. In this video I’m going to show you the seven things that you need to know about mortgage protection insurance so that your family doesn’t become one of the millions of families that lose their home to foreclosure each year in this country’ Most mortgage protection insurance policies only insure against the premature death of the primary wage earner. However, most home foreclosures are the direct result of the primary wage earner becoming sick with a critical or chronic illness and surviving! If that is not shocking enough, 3/4 those that did lose their home to foreclosure due to a critical or chronic illness had Health Insurance. The number one rule of mortgage protection insurance; make sure that your policy covers you to provide an income to cover your mortgage in the case of a critical or chronic illness. The benefit for covering a person in the case of a critical or chronic illness is also call theLiving BenefitOr in insurance terms, anAccelerated Death BenefitSome policies will claim that they have aliving benefitbut only cover you for terminal illness when you been diagnosed that only 12 months left to live. Others will use a cash value policy that accumulates cash overtime and call that yourliving benefit.But it can take decades to build up enough cash to compete with a realLiving Benefitpolicy. So rule number two for mortgage protection insurance; make certain that your policy will provide you with full benefits for premature death, critical and chronic illness from day one. The bestMortgage Protection Insuranceoffers a fixed benefit and a fixed premium. It’s important to know that your premiums will never increase and your benefits will never decline. unless you choose to. You always have the option of reducing your cost and reducing the benefit as you pay off your mortgage or if your budget or your needs change. Rule number three for mortgage protection insurance; is make sure that you have control over both the premium and the benefit You don’t need to have enough mortgage protection to pay off your mortgage in its entirety. If you can’t afford enough mortgage protection to pay off the mortgage you can at least have enough to pay the mortgage long enough to your recover from a critical or chronic illness. Having enough mortgage protection to pay the mortgage for three years, or five years or whatever it takes for you to get back to living wage is better than having no coverage at all. Having some mortgage protection gives your family options. Having no mortgage protection insurance leaves your family with no options. That is rule number four;some coverage is better than none at all.There is no such thing as mortgage protection insurance that pays your mortgage in the case of being unemployed. That is called “unemployment insurance”. There are some policies that will offer coverage to pay your premiums in the case of an unemployment. But, that is so restrictive that few people would ever qualify you often have to be part of the group a layoff and be unemployed for at least 90 days before the benefit can even begin to kick in. Read the fine print and do not make assumptions! If an insurance agent leads you to believe that this is unemployment insurance, Step back, take a deep breath and run away. They are not being honest with you. Rule #6; make sure that your mortgage protection insurance company has at least an “A” rating. If they don’t have an “A” rating, then there is a financial risk that they may not be there for you when you need them. Many professional investors would never put their money with a company that is rated lower than an “A”. Why should you put your money and your family’s at risk with a low rated company? Last, but not least, number seven. As you are thinking about mortgage protection insurance you have to ask yourself; Why do we buy mortgage protection insurance? We buy mortgage protection insurance for peace of mind. We buy mortgage protection insurance to protect our family’squality of lifeWe buy morgage protection insurance so if something unexpected happens, our children can still wake up secure in their home, in their beds every morning and go to the same school, see the same friends. We buy mortgage protection insurance because of the people in our lives that we love. AtShieldInsuranceSolutions.com we shop the market to find the best policy for you. The mortgage protection insurance policies we like, that we prefer, not only protect you and your family in case are premature death but also in case of a critical or chronic illness so that you keep your home even after you survive a life changing event. Let us shop for you! Call us or visit our web site at ShieldInsuranceSolutions.com, and complete a quote request form for mortgage protection insurance right now. I am Matthew Claassen. Thank you for watching

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