Stay Clear Of Mortgage Protection Insurance!
Home loan security insurance policy is a life insurance coverage plan that pays off your home loan if you pass away too soon. Home mortgage security insurance coverage isn’t exclusive home loan insurance coverage, which is developed to secure the lending institution if you fail on your settlements. I think a lot of individuals ought to prevent this security.
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Home loan security insurance policy is a life insurance coverage plan that pays off your home mortgage if you pass away too soon. Home mortgage defense insurance coverage isn’t exclusive home loan insurance policy, which is developed to secure the loan provider if you skip on your settlements. I think the majority of individuals need to prevent this security.
Great info
Thank you
Thanks 🙏🏿! Appreciate the video. I just bought a house. I do consider myself somewhat financially literate. But, was doing research on what mortgage protection was, and was trying to verify if I REALLY NEEDED it.
Nice
Mortgage protection is life insurance and you can actually get a return of premium if you don’t use it. Many options to protect your assets.
Indeed. I understand that aspect but in my opinion it’s a scam in the manner they send the letter as if it’s need or required. That is the message in the video
@Financial Literacy 101 agree on approach to selling “scammy” like. Not sure why it’s done that way. Life insurance is very unique and quite misunderstood. Using lender as beneficiary is a no, no. Life is issued on age & health, never changes. Thx
My pleasure
Mortgage protection insurance has changed a lot since this video was published. Actually, mortgage lenders can’t be listed as the beneficiary. It must be a family member. There are ZERO mandates that require the beneficiary to pay the mortgage off. They can now do whatever they wish with the money. It is basically a term only product now. It is jus geared toward protecting the mortgage investment for the family. There is also what is called a partial payoff. This protection provides the funds to pay the mortgage for a specified length of time. This gives the beneficiary time to decide their plans for the mortgage. It also can provide them time to sell if they choose and not lose any equity of the home. It prevents loss from a short sell. I’ll admit that it used to be terrible. However, the industry has made great strides in producing a great protection product for families.
Ok👍🏿
The only flawed point made, in this comment, is that it’s a “term only product”. That’s 100% not true. Any type of life insurance policy, term, term ROP, whole, IUL, UL, or VUL can be used as a mortgage protection vehicle. It’s all about educating the client on making sure they understand how to use it to protect their family…. Then following up with them consistently, so they know you’re in their corner. People over complicate this stuff way too often.
Indeed they do
Great advice, Sir! Term is the ONLY way to go.
💯
You should get your information from a brokerage that works with lots of carriers because they can shop for you and find different rates/plans that work for you rather than Farmers that only has 1 or 2 options. Term is only the way to go if you are young and the plan has a return on premium. Basically if you live past that term, they give you the money back. Term products aren’t for everyone because when that term is up usually the rates jump. The lender is not the beneficiary in most cases. This video only has limited information.
Good info
With all due respect brother this information is very misinforming. 1. Most term products don’t have living benefits when MP insurance does. 2. I don’t even know where you got that beneficiary information from that’s 100% false you can choose your beneficiary. 3. The benefit does not have to decrease those are just on SOME products. 4. MP can also be used (if written correctly) to pay off a home 5-10 years early and save a client $50k-$100k+ in interest payments.
This is common practice unfortunately. It’s what the customer doesn’t know is how the business get paid. The information you speak is not as public as a simple google search. It requires some digging. So what I spoke of is very accurate. Thank you for the great info.
Not good information. Consumer based info.
🤷🏿
Hey, Friend!
The lender does NOT have to be the beneficiary, it is 100% OPTIONAL. I never recommend listing a lender as the beneficiary…. If they want to be the beneficiary, they need to pay the mortgage.
Ohhh you’re talking about the OLD type of mortgage insurance. Definitely wrong info. Mortgage insurance now a days IS life insurance and has option for return of premium.
Yes. As this is an old video. Thanks for commenting
Thank you!
I realize it’s been stated, by the author in multiple comments below, that this is an old video. And, that’s appreciated. Regardless of that fact, a lot of the information, in this video in general, is misleading. For instance, when the author talks about a $100K insurance policy for a 25yr old female only costing approximately $23/month…. That’s still a simple/level term policy with no cash value accumulation. So, when the author states that a “mortgage protection policy” is a “level term product with a death benefit of $100K for $16/month”, then calls it diminishing & expensive…. He’s talking out of both sides of his face, because none of that adds up. I was stuck on that part for a few minutes & kept rewinding it, because I knew it was bs. I just had to catch the bs. Both products the author mentions are simple/level term products. Term insurance isn’t necessarily a bad product. It really boils down to whether you’ve got a true agent/consultant working with & for you, versus a shady sales rep, & whether you want to rent or own your policy. If the agent, broker, field underwriter, etc. is good; then they’ll keep it simple for you & consistently follow up with you. Otherwise, you’re just dealing with an ambulance chaser & you should run.
Great points made here. Information change in time