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Mortgage Protection Insurance provides for you during a financial crisis.
Mortgage Protection Insurance: Do You Have It?
For those of you that are self-employed, another way to save money on your mortgage protection insurance is to opt out of the 'unemployment' part of the cover as this would reduce the cost of the policy which would most probably not pay out in this situation anyway. The price of mortgage protection insurance is based on the size of your mortgage payment instead of the usual health, sex and age risk factors. There are a few policies which are age related and for those of you under 35 they would generally be cheaper than mortgage insurance protection policies that are not age related.
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If you are thinking of switching your mortgage protection insurance from one provider to another, please check the new policy carefully as some policies have an initial exclusion period where you cannot claim, which is usually 3 to 6 months, in which case it's best not to switch as you don't want to be uncovered for up to 6 months. Also some mortgage protection insurance policies won't pay out if you have a pre-existing medical condition or if it could be predicted that you were to become unemployed at the time of taking out the policy. If either of these are your current circumstances then it's best not to switch.
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How Much Insurance Coverage Do You Need?
Do you have enough protection to…
- cover the life style your family has gown accustom to
- childrens education
- groceries for the years to come.
- car pmts
- mortg. Pmt.
- keep the lights on
- medical insurance and bills
- those unexpected extras that life throws at us
Saving time and money has never been easier with our enormous network of top insurers that want to earn your business. Simply fill out the quick application starting with your name and zip code and see just how much you can start putting back in your pocket year after year! You will fill out a one page form. Mortgage Protection Insurance Quotes Online works with many agents across the US.
Mortgage protection insurance should not be confused with PMI (Principal Mortgage Insurance). PMI is a certain type of insurance policy from a bank or mortgage company in which you pay a fixed premium for a certain number of years to cover the risk of foreclosure. Should something happen to you while the policy is in effect; the insurance pays the remaining mortgage. The loan typically lasts for the life of the mortgage. As you pay off the mortgage, the end benefits goes down, too. At the end of the policy, the benefit is zero.