Mortgage Protection

Mortgage Protection Coverage

What Is Mortgage Protection?

Mortgage protection is an insurance policy that pays you or your

family directly if you become injured, ill, or pass away.

The goal of the coverage is that your family doesn't suffer

significant financial stress if tradgedy strikes.

Why Do I Need It?

1. Pays you directly, avoiding financial hardship with physical hardship

2. Know your family will stay in your home if you're injured, ill, or gone

3. Protect your equity from foreclosure or a forced short-sale

Good to Know

Some plans offer all your money back at the end, or more!
Your rates can vary more than 50% between insurers
Age 50-80? You can't b e turned down.
Typical plans cover injury, cancer, heart attack, stroke, major organ transplant, ALS, renal failure, and more.

Frequently Asked Questions

Please reach us at Chris@StrandinFinancial.com if you cannot find an answer to your question.

What does mortgage protection cost?

Costs vary tremendously - It will depend on your age, health, coverage amount, and number of years

coverage is needed. Coverage can range from $15/month for a healthy young person, into the

hundreds for more robust plans for more mature folks. There are tricks to making coverage affordable,

which is why working with a knowledgeable broker is so important.

Are there ways to make it more affordable?

Absolutely! Beyond shopping for the right insurance company for you, you can take advantage of the

Equity Protection Concept; instead of paying off the whole mortgage, keep costs down by covering 1-2

years worth of payments, buying your family time to grieve and decide what's next.

I have some health issues - can I get coverage?

For almost everybody, you will qualify for some sort of coverage. Different insurers will accept different conditions, so it's important to select a company that doesn't hold your health against you. That's why I use 40 companies - to find the best fit for the unique YOU.

How long does coverage last?

Short answer: you tell me.

Depending on your situation, it may make sense to get a Term policy anywhere from 10 years to 40, a flexible Universal policy that should never end, or a Lifetime policy which will never end as long as

premiums are paid. I even have options where you pay for 20 years, then stop paying but keep the coverage.

Is this a comprehensive guide that applies to every person and every plan?

No. It's important for your broker to understand your situation, and explain your chosen policy to you.

You spent how much on a downpayment?! Let's protect it

What is Mortgage Protection?