What Is Mortgage Protection?
Acronyms, abbreviations, etc. What is – what isn’t mortgage protection?
We live in a world flowing with acronyms. Perhaps it started with ABC, CBS, NBC, WPA – who knows? We are going to separate the wheat from the chaff as it pertains to Mortgage Protection Insurance, Not PMI, nor P & C. But in order to clarify things, let me explain:
- P & C – Property and Casualty – the primary purpose is coverage for physical damage occurring to property or a person or persons getting injured on your property.
- P.M.I. – Private Mortgage Insurance – in cases where there is less than a 20% down payment or there is marginal credit, the lender may stipulate that Private Mortgage Insurance is required. THIS COVERAGE PROTECTS ONLY THE LENDER IN THE EVENT THERE IS A DEFAULT ON THE LOAN. The benefit to you, as the buyer, is that P.M.I. allows you to obtain a loan that would not have been available to you had P.M.I. not be offered.
- Mortgage Protection – accomplished with life insurance products for the benefit of you and/or your loved ones. Some plans offer LIVING BENEFITS - - - and at no extra cost to you. This is the ideal way to provide protection for you as well as those you love. LIVING BENEFITS can include, but are not limited to Terminal Illness, Chronic Illness as well s Critical Illness. Imagine receiving monies from your life insurance policy while you are alive!!!!
Abbreviations - - - unfortunately, life often deals hands that we are not prepared for. A change in your quality of life, or even the taking away of life itself can happen in the blink of an eye. The best recommendation is that famous motto - - - - “Be Prepared.”
As a convenience to you we can have one of our qualified insurance agents meet with you in the privacy of your home or office.
Don’t be confused by acronyms, abbreviations, etc. Let us help you help yourself.
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