There are three tragedies everyone needs to think about: disability, illness and death. Any or all could strike at any time with death being unavoidable. The best option to prevent inevitable hard times is to prepare early so they are not as tough as they could be.
This is where selling Mortgage Protection life insurance proves itself as a valuable solution. By covering a family's most valuable possession, it can bring peace of mind. Policy owners or beneficiaries can receive lump sum benefits or monthly payments that protect against the financial devastation that the unexpected loss of income will bring.
Because benefits vary across the different insurance carriers, policy holders can feel secure knowing they have an insurance solution that provides protection that can be used today, and not just a death benefit. With the riders and accelerated benefits now available through most carriers' products there may also be income later if they never use the coverage.
Despite what the name implies, often times an actual mortgage isn't even needed. With today's term life insurance products there's great flexibility to assist current homeowners, new home buyers or those wishing to relocate, downsize or upgrade. No matter the situation, there are always prospective clients with a need for which a life insurance producer holds the solution.
With homeownership, most people are confused with primary mortgage insurance (PMI) and homeowners insurance verse mortgage protection insurance. PMI protects the lender against default, and the physical structure is covered by a home owner's insurance policy which provides coverage against theft, fire or damage, it would seem all the bases are covered. But what happens if the homeowner or bread winner becomes disabled and can't work, or becomes chronically ill, or worst of all passes away?
It has been stated that over half of all homeowner's experiencing a disability have had to file personal bankruptcy and have had their mortgage foreclosed. If household income is reduced or completely lost, who makes sure the monthly mortgage payment is made so the whole family isn't uprooted to a less desirable location and/or school district?
That's where the life insurance producer comes in. Unlike traditional bank or lender mortgage protection products the bank or lender is the beneficiary tying the policy directly to the mortgage. Producers ensure homeowners choose the beneficiary and that the policy is portable, meaning it will cover any mortgage on any house, while also protecting the family against any hardship that might come their way.
True peace of mind for families is what mortgage protection provides while offering a steady income stream for producers. Legacy will help you become familiar with all the benefits and options available through mortgage protection life insurance products to protect families from the hardships tomorrow will bring.
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