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Types of Mortgage protection insurance

I want to know whether any mortgage protection insurance is available?

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rich

I have the address of MICA. You can contact them and know more details as per your requirement.

Mortgage Insurance Companies of America
727 15th St, NW, FL 12
Washington, DC 20005-2168
Ph: 202-393-5566

Like | Dislike | Share | Posted: Thu, 05/11/2006 - 20:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mortgage Insurance Companies of America (MICA), Washington, DC, is one such company

Like | Dislike | Share | Posted: Thu, 05/11/2006 - 15:01

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can you direct me to any companies that offer mortgage protection ins. in washington state. i am a broker and would like to license my self to sell this type of coverage

Like | Dislike | Share | Posted: Thu, 05/11/2006 - 14:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If already on long term disability, could a critical illness policy be obtained? If so, would it be available upon refinancing the mortgage?

Like | Dislike | Share | Posted: Wed, 01/02/2013 - 18:53 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

A mortgage deal allows a borrower to avail different mortgage protection insurances in case he is unable to pay off the mortgage due to illness or disability. It may also happen that a borrower dies without having repaid the mortgage loan.

The following mortgage protection insurances cater to the needs of such people.

Mortgage Life Insurance: This insurance ensures that even when you die your mortgage will be paid back fully. You can purchase this insurance from the lender. The insurance premium is added to the mortgage payments. A borrower can only purchase it if he is aged between 16 and 64 years and avail the benefits till the age of 80. Know More

Mortgage Disability Rider: The mortgage life insurance is often provided with a disability income rider which ensures that your mortgage payments are made in case you become ill, injured or unable to perform your usual job. This rider provides you with monthly income after about 60 days of disability and you receive the payments throughout a year for each period of continuous disability. It is accessible to people aged between 18 and 64 years.

Mortgage loss of Employment Rider: This payment is added to your mortgage life insurance in case you become involuntarily unemployed. You can avail the benefits after 60 days of being unemployed and continue to get the payments for 9 months after each claim. Borrowers between the age of 18 and 64 years can access this insurance.

Mortgage Critical illness Insurance: This critical illness rider is added to your mortgage life insurance when you suffer from some illness. It helps to pay off your mortgage balance. You can purchase this insurance only when you are aged between 18 and 55 years and enjoy the benefits till the age of 70.

Hope this information will satisfy your needs.

Regards,
Jessica.

Like | Dislike | Share | Posted: Thu, 07/07/2005 - 23:44 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what the different mortgage protection insurance are?

Like | Dislike | Share | Posted: Thu, 07/07/2005 - 20:34 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Just wanted to add that you can claim for the critical illness insurance policy only once and it is good to opt for such a policy if you have taken a mortgage.

Thanks,
Jerry

Like | Dislike | Share | Posted: Sun, 04/30/2006 - 11:04 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

The amount of premium you will pay depends on the insurance company you have approached. Since you are worried about your father's illness, you can seek a Critical Illness Insurance Policy. This policy pays out on the diagnosis of any kind of critical disease such as cancer, hear disease, stroke etc. The benefit is usually paid out within 28 days of the diagnosis.

Hope this helps. Please go through the above posts for further details on this insurance policy.

Thanks,

Caron.

Like | Dislike | Share | Posted: Sun, 04/30/2006 - 10:50 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi DC

Without premium I dont think so you will find any insurance. And frankly speaking I dont have much knowledge into this. Let me search something for you, if i get something I will post it here.

Thanks

Like | Dislike | Share | Posted: Sat, 04/29/2006 - 20:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My father let all of his insurance policies lapse. He is 69 yrs old, diabetic, has prostate cancer is on dailysis. He purchased a home, because he had no deductions costing over $400K. Without paying over $200 for preimums, is there any type of insurance that can be purchased where we dont have to wait 2-3 or even 5 years before any benifits will be paid if he becomes sicker?

Like | Dislike | Share | Posted: Sat, 04/29/2006 - 18:15 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Welcome to forum.

The general mortgage protection insurance are :
a. Mortgage life insurance
b. Mortgage disability rider
c. Mortgage Loss of employment rider
d. Mortgage Critical illness insurance.

Hope you will find this information useful.

Please feel free to write back with further queries.

Regards
Jessica

Like | Dislike | Share | Posted: Mon, 06/27/2005 - 22:34 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

mortgage disability life , unemploymnet

Like | Dislike | Share | Posted: Thu, 05/19/2011 - 17:40 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Glen,

You will have to contact Mississippi based insurance companies and check out if anyone of them can assist you in this matter.

Thanks

Like | Dislike | Share | Posted: Thu, 05/19/2011 - 23:08

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

This generally depends and varies from one insurance company to another.

Thanks,
Jerry

Like | Dislike | Share | Posted: Fri, 04/07/2006 - 19:28 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rob,

The cost of PMI varies from one mortgage insurance firm to another. The premium usually charged is 0.5% of the loam amount for the first year of the loan.

Most of the premiums get lowered in the subsequent years. The first year's mortgage insurance premium is required to be paid in advance at the closing.

James

Like | Dislike | Share | Posted: Fri, 04/07/2006 - 09:41

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is a general price for mortage insurance, I have had my house for 6 years and still owe approx. $94,000?

Like | Dislike | Share | Posted: Fri, 04/07/2006 - 08:48 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mortgage life and disability policies are not a good investment for borrowers.

What's covered under such a policy is the balance owed at the time of death; so if you had a $200,000 mortgage with $200,000 coverage at the initial date, and upon death the amount owed was $75,000, then that's the benefit - $75,000.

Beneficiaries of a person's estate are not anywhere near as well protected by this sort of scheme (and it is muy expensive, too!), and they'd be far better off if you went out and purchased a term life policy that gives survivors the option of paying off the mortgage if they wish, or using the funds for other things while they continue paying the mortgage.

An example: you buy term life of $300,000, and you have a mortgage of $200,000. The price of the policy is cheaper than with the above-noted mortgage life insurance, and you give your beneficiary the option of using the death benefit to pay the mortgage in full and use the remainder for other things; or using the death benefit for a myriad of things while continuing to pay the mortgage every month until paid in full.

Remember always...a life insurance policy is not for the insured party - it's for the beneficiary or beneficiaries to decide what to do with the funds.

The same goes for disability in terms of value - contact a reputable insurance agent for a disability policy and stay away from anyone who offers it as an adjunct to the existing mortgage. You'll be pleased.

Like | Dislike | Share | Posted: Sat, 05/21/2011 - 10:35

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi goof ball!

Welcome to forums!

You need to get in touch with your insurance agent and take his help in this regard. He will be able to let you know whether or not you will be able to get a critical illness policy.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 01/02/2013 - 21:26 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does any one know of an insurance co. in California like MICA in WA.

Like | Dislike | Share | Posted: Fri, 01/09/2009 - 12:50 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need more information about this topic. Also how do I get in contact with Avail? I need a quote.

Like | Dislike | Share | Posted: Fri, 01/09/2009 - 15:01 | Post subject:

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jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Becca,

Those borrowers who are unable to pay their mortgage dues due to accident, critical illness or lack of employment can go for the mortgage protection payment insurance (MPPI) policy in order to come out of debts. It is also known as ASU or Accident, Sickness & Unemployment Insurance and has a combination of insurances. In my opinion, you should shop around for a mortgage protection payment insurance. This will help you in knowing the market rates and selecting the best one. To know more, you can check out the following link:
http://www.mortgagefit.com/mortgage-insurance.html

Thanks

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