Mortgage Protection Clients
Scott Dell No Comments

Joe and Lisa purchased a house a couple of years ago and wanted to make sure that it would be protected if something were to happen to Joe. They are raising a 6 year old daughter and are expecting a second child in October.

Joe is a 32 year old non smoker. He is a delivery driver for UPS and is on the road all day. Joe has some group life insurance for $50,000, but he didn’t realize that if he left UPS he would no longer have life insurance. Lisa is a 29 year old stay at home mom and does not have any life insurance at all.

Joe and Lisa have a $180,000 mortgage with 28 years left to pay on it.

Our Solution

I wrote Joe a 30 year term life policy with the face amount of $200.000 to cover the mortgage and an additional $200,000 Accidental Death benefit because he drives for a living. If God forbid Joe is taken both of his children will grow up in their home and Lisa can use that extra money for his daughters to go to college when they get older.

We also decided since Lisa does not have anything in place for herself, we would give her a 30 year term life policy with the face amount of $200.000 to cover the mortgage. If God forbid something happened to Lisa, Joe is going to need help taking care of their children while he works.

Both Joe and Lisa’s polices also come with living benefits at no additional cost.

You can receive payment of up to 100% of the face amount of your policy if diagnosed as terminally ill where life expectancy is 24 months or less

With this benefit you can accelerate a portion of your death benefit early if an authorized Physician certifies that you are permanently unable to perform at least two activities of daily living (ADL’s). Activities include eating, toileting, transferring, bathing, dressing and continence.

Their Cost
Joe – $400,000 in coverage for only $48.00 per month
Lisa – $200,000 in coverage for only $23.00 per month

For less than the cost of a pizza a week, Joe and Lisa just protected their family should the worse day of their lives ever happen.

Disclaimer: Names, images and identifying details have been changed to protect the privacy of individuals.

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