Usually, it’s NOT your lender that will sell you Mortgage Protection Insurance. Lenders do NOT offer this coverage, only life insurance companies do. So, when the lender closes on your loan, they share your information with people who specialize in selling mortgage protection insurance policies. Black Swan Insurance Group is one of the largest independent brokers that specializes in mortgage protection solutions in Ohio.
Mortgage Protection Insurance is different from private mortgage insurance (PMI). When your down payment is less than 20% of the home’s value, which is considered a higher risk loan since you don’t have too much equity built in, the lender charges you the PMI fee. This is the insurance that protects them, not you and your family, if you ever become upside down on your loan and is included as a line item in your mortgage payment.
When figuring out premium costs, insurers consider:
• Your age
• Medical history
• Length and amount left on the mortgage
• Field underwriter’s assessment
The good news is that your premiums will stay the same throughout the duration of your policy as you’ll be locking in affordable premiums now when you can qualify for it.
The best time to get coverage is when you can qualify for it. You never know when someone’s health could deteriorate, which would potentially make them uninsurable for Mortgage Protection Insurance.
90+% of our people who are requesting mortgage protection insurance will qualify for it. Our highly trained field underwriters will be able to determine which insurance companies will be able to officially approve your case and offer you mortgage protection insurance coverage..
As insurance professionals, we’re here to help. We have a license and a duty to act on behalf of our clients — in their best interest at all times. When we meet with you, we try to understand the following:
-Who and why you are trying to protect from unexpected events
-What your health and financial situation is
-What other insurance do you have
-What assets are in place, like a 401(k), 457, 403(b), TSPs, etc.
We gather this information so we can get to know where you’re at. Once we know that, we’ll know where to take you and can make recommendations based on your wants, needs, and budget. At Black Swan Insurance Group, it’s our job to implement the tools we have to help you protect your family and achieve your goals.
Before you decide on a life insurance policy, it’s wise to shop around to find the best plan. We have access to 20+ top insurance companies in this space and will be able to find the best solution that gives you a piece of mind and is within your budget.