Getting The Best Mortgage Payment Protection Quote

This is what the purpose of obtaining this coverage is all about. Some policies will include critical illness (ex: strokes, hart attacks, etc) along with traditional life insurance. This subject makes me think of one of my previous lives where I was an insurance agent for about 5yrs (I still have nightmares about that time period).

If you simplify the transaction, you'll see that a mortgage payment protection policy is just a term insurance policy with added riders. The riders being accident, sickness, and/or unemployment. One of the biggest mistakes I see home owners make is not shopping for better rates and coverage. Most of the time, when dealing with the life coverage portion, lenders will only offer a policy that covers your mortgage balance. This type is called a decreasing term policy. Its designed to mimic your home mortgage., Since the amount outstanding on your mortgage decreases with time, so will the amount of your life insurance. Its a strange situation. Your coverage amount decreases, but your monthly payment remains the same.

Here's a better option. Ask for a quote on their policy with the same riders, except ask for a level term policy. This type of insurance policy's coverage stays level for entire term and usually the cost isn't that much more than a decreasing term. Before accepting any mortgage payment protection quote, search the Internet. Many people have found prices that were 50%-60% cheaper!