Mortgage Life: This plan is designed to pay off the outstanding loan balance upon death of an insured borrower.
Mortgage Disability: This plan is designed to pay a monthly benefit, usually the mortgage payment, when an insured borrower is unable to work due to a covered disability.
Life: • $10,000-$300,000 • Term 10-40 years
Disability: • Up to $2000/month • Term 10-40 years
Life: Issue ages: 18-59 for loan amounts $10,000 – $300,000;
18-64 for loans $50,000 – $300,000
Disability: Issue ages: 18-59
Life: Meet age limit and health underwriting criteria.
Disability: Meet age limit, be working at least 30 hrs/week outside the home and meet health underwriting criteria.
• Life Insurance Exclusion – Suicide within two (2) years.
• Life Insurance Coverage – The death benefit reduces monthly based upon the amortization schedule.
• A&H Waiting Period – 30 and 90 day elimination.
• Disability Benefits: Up to 24 monthly benefit payments per occurrence of disability
• Age rated
• Paid monthly – debited to the borrower’s checking account or by escrow.