Mortgage Protection Life Insurance 

Many insurance companies offer special products in this area, such as simplified underwriting for new homeowners (or refinancers).  Which means faster service and reduced premiums for the same "term protection" a lot of times.

1. Purchase or Refinance Date: most insurance companies require that the Mortgage Protection Life Insurance policy be submitted within 6 months of the purchase or refinance date for the more liberal underwriting guidelines.
2. Age or Birthday: most insurance companies base underwriting on age of nearest birthday, while some still use age last birthday.
3. Gender: currently- based on life expectancy tables, women have a slightly lower premium for same age/class insurance coverage.
4. Health Class: It is widely known that smokers pose a higher risk, and therefore have higher premiums than non-smokers. There are still different health classes of smokers and non-smokers, which is based on other health factors and, in some cases, the frequency and type of tobacco used. If you have been denied insurance previously, due to health factors, there may still be companies that will insure you. At Hoch Insurance Services we will search exhaustively to find a competent company to insure you.
5. Amount of Insurance: Because mortgage protection life insurance is a form of term insurance, most insurance companies have a minimum insurable amount of $100,000. There are some that go lower, but there are fewer insurance companies in the less than $100,000 term protection market.
6. Accidental Death Benefit: This rider provides additional insurance, usually up to the face amount of the policy, for an accidental death of the insured. Some companies provide this rider at no additional charge. The basic accidental death benefit rider, if not included, is about $4.00 more a month for a $100,000 ADB (accidental death benefit) policy. You need to check with each individual policy to see exactly which kinds of accidents are covered.
7. Waiver of Premium: This rider also is included at no additional cost in some policies. This rider allows the insured to be free of premium payment on the basis of some external health or disability factor. Most companies list this factor to be total disability. Total disability can differ in definition between companies also. Some companies have a 90 day elimination period for the rider to go into effect. Then once the 90 day elimination period has been reached, they will refund premiums for the elimination period. Again, all policies are different and should be understood prior to purchasing and/or comparing policies.
8. Return of Premium: Some insurance companies offer a return of premium rider with their policies. This rider provides that if certain criteria are met (like paying your premiums till the end of the policy term), you will be refunded all premiums paid. In most cases, if you were to just receive the term policy (no return of premium rider), and invested the difference, you would need to receive approximately a 7% return on your investment to equal the ROP (return of premium) rider benefit.
9. Child Rider Units: This rider allows you to add life (level term) insurance on your dependent children (usually to age 22). The amount of insurance is listed in units. Each company has a limit on how many "units" may be issued. And, just to make things a little more confusing, companies attach a different value to how much a "unit" is. The two most common amounts are $1,000 and $2,000 per unit.
10. State: Not all policies are approved in all states. If you know of a specific company that is not approved in your state, you may still be able to get the policy through a licensed surplus agent. This is a more complex transaction, as unapproved companies may not be as restricted by the same state laws and regulations as the "approved" insurance companies. This type of transaction is rarely needed. If this is desired, we can help expedite your transaction.
11. Desired Term Length: Almost all term insurance policies are issued in 5 year increments. (You may get single year and other increments guaranteed renewable insurance, but rarely is this the correct choice for the insured.)
12. Guaranteed Premium: Guaranteed premium guarantees that your premium will stay the same for the guaranteed term of the guaranteed premium. Your premium amount will not go up or down during that time. Again you need to review the terms of the policy to understand the actual length of the guaranteed premium. Some companies "guarantee" the rate for the entire term (which is the type we recommend), while others guarantee an initial time period (such as the first 5 years, 10 years, etc...). Non-guaranteed premiums may go up or down, but will have a limit listed in the insurance contract on how much the premium can go up or down. At Hoch Insurance Services we almost always advise on acquiring insurance with the guaranteed premium clause.
13. Additional Comments: It is hard to put all insurance options into a submit form. If there are additional riders or questions you are interested in, please indicate them here.
    Thank You - Hoch Insurance Services
    

    Mortgage protection life insurance comes in 2 different forms: Level Term and Decreasing Term. At Hoch Insurance Services we will search both forms based on the criteria given for the quote. Not all benefits and riders are available for both level and decreasing term policies.

    If you are interested in attaching your mortgage protection life insurance policy to your mortgage loan, we, at Hoch Insurance Services, may be able to do that for you by working with your lending agency.

    There are currently over 1500 insurance companies in the U.S. We currently research as many as we can to find you the best rate. We will also give the A.M. Best rating of the insurance company for all quotes we submit to you. For your FREE and NO OBLIGATION quote please click the link below.

    Mortgage life insurance protection is a voluntary form of insurance. (Some confuse this with PMI 'private mortgage insurance' that is required by lenders to protect them against the borrower defaulting on the mortgage.)

    Thank You
    Timothy J. Hoch
    Hoch Insurance Services

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