Welcome to InsuraBull Life Insurance Agency, Family Protection | Mortgage Protection | Final Expense

June 24, 2024

9:00am – 6:00pm

Monday to Friday

400 W Cummings Park, 1725-233

Woburn, MA 01801

Mortgage Protection

PROTECT YOUR HOME AND HAVE PEACE OF MIND

Purchasing a home is a big commitment financially. You could be making payments for 30 years. However, what is going to happen if you die suddenly or become disabled and can’t afford the payments on your home. Mortgage protection insurance could pay off your mortgage in these situations. It could help to prevent foreclosure on your home.

family needing mortgage protection

Protection Benefits

  • Death Benefit up to $2,000,000 TAX FREE
  • Rates Never Increase
  • Coverage Never Decreases
  • Coverage Is Portable
  • You Are Paid Directly From The Insurance Company
  • Critical Illness – you can accelerate your benefits with the diagnosis of cancer, heart attack, stoke
  • Chronic Illness – if you become disabled, you can accelerate your benefits
  • Terminal Illness – if you get diagnosed with a terminal illness, you can accelerate your benefits
  • Disability Rider – stop paying premiums. You still receive coverage for the length of the term
  • Child Rider – each of your kids can receive up to $25,000 in coverage until the age of 23
  • Peace of Mind with very affordable rates

FREQUENTLY ASKED QUESTIONS

WHAT IS MORTGAGE PROTECTION?

This type of insurance is offered to help your family prevent foreclosure if you pass away or become disabled. You will still owe on your mortgage if you pass away, but this type of insurance will also pay off your mortgage for your family. If you become disabled. This is called living benefits.

Mortgage protection insurance works similar to term life insurance policies. You will purchase the policy and make your monthly payments. This keeps your coverage active. If you pass away while your policy is active, the insurance provider will cover the agreed-upon balance to the mortgage company. If you don’t pass away while your term is still active and the policy ends, there won’t be any payments made to the mortgage company from the policy.

This type of insurance is different than private mortgage insurancePMI won’t protect you, specifically. It will pay your lender if you aren’t able to make payments on your mortgage loan. It won’t take over your payments. If you pass away and have private mortgage insurance, the home will probably be foreclosed on if your loved ones can’t make the payments. Some lenders require people to have private mortgage insurance if they aren’t able to pay 20% or more down when buying the home. However, MPI is going to be voluntary. MPI is also different from the FHA loan mortgage insurance.

DOES MY BANK OFFER MORTGAGE PROTECTION?

You know, it used to be that you had to do this directly through your lender. They offered you two terrible options. The first one was PMIYou paid for it, but they owned it. You paid for it, and mortgage company was the beneficiary. That was a good deal for them, but not a good deal for you. The second option offered thru the lender was decreasing term. This coverage was non-transferable. So, if you sold your home and moved, you had to get a new policy at an older age and a higher cost. What’s more, all you ever get is title to the house. In essence, you are penalized for living. So every year you live the value of the policy goes down but your payment stays the same. Lastly, if you live, they never gave you any of your premiums back.

WHY IS MORTGAGE PROTECTION GOOD TO HAVE?

Nowadays, people handle their mortgage protection directly. You still pay for it, but you own it, and you choose the beneficiary. This allows the policy to be completely transferable. So now if you sell your home and move, you take the protection with you. And if your lender sells your loan to another lender, it doesn’t affect your coverage. You no longer have to renew at an older age and your cost stays fixed for the life of the policy. Also, because your premium remains level, so will your coverage. In essence, you are rewarded for living. And lastly, you will have the option to get all of your money back if you never use the policy (return of premium option). By doing it this way, you guarantee your age, health, benefits and beneficiary, thus putting you in control of your mortgage protection… and that’s how it should be.

WHAT ARE LIVING BENEFITS?

Term life insurance with living benefits is a type of policy that offers life insurance coverage combined with living benefits. This type of policy is becoming increasingly popular among those looking for a more comprehensive form of life insurance.

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SHOULD MY WIFE ALSO HAVE A POLICY?

When planning for the future of your family, it is important to ensure that you are financially covered in case anything unexpected happens. A life insurance policy with living benefits is an excellent way to make sure your loved ones are taken care of even if you’re not around.

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GETTING MORTGAGE PROTECTION WHILE PREGNANT

Many people won’t get life insurance until after they have a baby? However, it is just as important to get life insurance while pregnant. If a pregnant woman develops health issues, they could potentially be denied life insurance benefits. It is best to get life insurance before any health issues arise.

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WHAT IS TERM LIFE INSURANCE?

Term life insurance will guarantee a specific payment for death benefits to the beneficiaries that are on the policy. However, this is only the case, if the policyholder passes away within the specific term on the policy. Term life insurance doesn’t have any value or any savings components. The term life premium will be based on the policyholder’s health, life expectancy, and age. After the term is up, the policyholder can decide to renew it for a set term, convert it to permanent life insurance coverage, or let it terminate.

WHAT IS RETURN OF PREMIUM?

GETTING LIFE INSURANCE AS A STAY-AT-HOME-PARENT

One of the parts of family planning that many people don’t consider is life insurance. Many people will only get life insurance for the family’s breadwinner. While that is important, it is just as important to get coverage for the stay-at-home parent, as well. There is a lot of financial value in stay-at-home parents. If the breadwinner of the family had to pay someone to do everything the stay-at-home parent does, this would cost a lot. This might including cleaning, childcare costs, and much more. The breadwinner of the family may not be able to leave their job due to financial reasons. Getting life insurance for the stay-at-home parent can help to make sure things are taken care of.

SHOULD MY CHILDREN HAVE A POLICY?

If you are becoming a parent for the first time, there are going to be many responsibilities that you face. One of the things that you should do is to get family life insurance. This will help you and your life partner to prepare for worst-case scenarios. It can be difficult to think about. However, it should be done. Getting a family life insurance policy as a new parent can help to reduce financial stress concerns if anything does happen.

GETTING MORTGAGE PROTECTION FOR A SINGLE PARENT

Single parents should make sure they have mortgage protection life insurance in the unfortunate circumstance that they pass away. They need to provide the security that their children needs. There won’t be a parent to pay the mortgage payments if they pass away. However, with mortgage protection, friends and family members can pay off the house and support the children if their parent passes away.

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GETTING LIFE INSURANCE DURING A DIVORCE

Unfortunately, there are high divorce rates around the country. In these instances, both parties need to consider getting their own life insurance policy, especially when there are children involved. Part of the divorce proceedings may actually state that each parent needs to carry life insurance to help support the children if the parent passes away.

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… this is important to have

Mortgage Balance: $262,000 | 18 Years Left

Deborah H. | Age 52
$65.79 a month for $300,000 in coverage

… wish i did this a long time ago

Mortgage Balance: $262,000 | 18 Years Left

Paul H. | Age 53
$91.33 a month for $300,000 in coverage

… we could be screwed without this coverage

Mortgage Balance: $206,000 | 17 Years Left

Gina C. | Age 50
$45.58 a month for $250,000 in coverage

… i hope i never need to use this

Mortgage Balance: $206,000 | 17 Years Left

Anthony C. | Age 50
$58.05 a month for $250,000 in coverage

… the living benefits are great

Mortgage Balance: $228,000 | 23 Years Left

Nicole G. | Age 44
$43.86 a month for $300,000 in coverage

… quick, easy and affordable

Mortgage Balance: $228,000 | 23 Years Left

James G. | Age 46
$63.47 a month for $300,000 in coverage

… a lot less than i expected

Mortgage Balance: $198,000 | 21 Years Left

Andrea D. | Age 42
$32.68 a month for $250,000 in coverage

… everyone needs this

Mortgage Balance: $198,000 | 21 Years Left

Jeff D. | Age 43
$42.79 a month for $250,000 in coverage

… glad we took care of this

Mortgage Balance: $219,000,000 | 25 Years Left

Rhonda P. | Age 39
$31.99 a month for $300,000 in coverage

… grateful i saw this program

Mortgage Balance: $219,000,000 | 25 Years Left

Ron P. | Age 40
$41.28 a month for $300,000 in coverage

… coverage that’s so affordable

Mortgage Balance: $335,000 | 30 Years Left

Robin W. | Age 28
$23.65 a month for $350,000 in coverage

… this is a no brainer

Mortgage Balance: $335,000 | 30 Years Left

Steve W. | Age 30
$29.07 a month for $350,000 in coverage

… coverage that we need

Mortgage Balance: $285,000 | 28 Years Left

Karen R. | Age 36
$30.96 a month for $300,000 in coverage

… i can sleep better at night

Mortgage Balance: $285,000 | 28 Years Left

John R. | Age 36
$36.38 a month for $300,000 in coverage

Get a mortgage protection quote online or call us at (888) 598-BULL

and get the satisfaction of knowing your loved ones will be protected.

Your information is safe and will never be sold

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