DESCRIPTION:

     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.

ISSUE LIMITS:

     Life:             •  $10,000-$300,000  •  Term 10-40 years
     Disability:  •  Up to $2000/month  •  Term 10-40 years

AGE LIMIT:

     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

 

ELIGIBILITY REQUIREMENTS:

     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 PROVISIONS:

•    Life Insurance Exclusion  –  Suicide within two (2) years.

•    Life Insurance Coverage  –  The death benefit reduces monthly based upon the amortization schedule.

 

DISABILITY PROVISIONS:

•    A&H Waiting Period – 30 and 90 day elimination.

•    Disability Benefits:   Up to 24 monthly benefit payments per occurrence of disability

PREMIUMS:

•    Age rated

•    Paid monthly – debited to the borrower’s checking account or by escrow.