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Mortgage Protection Insurance

We all aspire for high standards of living for ourselves and our loved ones. However, we may not have a vast source to fund our dreams like a new home, car, and others. So the option available to us would be loans, and many of us use mortgage loans to finance our needs. However, most often, we fail to acknowledge the possibility of unexpected events that may occur in the future. Mortgage Protection Insurance is a life insurance policy designed to pay for the insured person’s mortgage in case they die before paying off the loan.

Mortgage Protection Insurance

How does Mortgage Protection Insurance work?

For people who opt this policy, the death benefit would equal the amount of their original mortgage loan. With time, as the insured person pay down their mortgage, the death benefit would amount to match the outstanding loan balance. The coverage ends once the policyholder pays off the mortgage. The design of this policy usually keeps premiums from becoming expensive over time. Most term life insurance policies get expensive as the policyholder gets older. However, as the death benefit on mortgage protection life insurance lessens over time, it offsets the additional risk from the policyholder getting older. Hence, the insurance company typically keeps the cost the same for the entire period of the policy.

It should also be noted that mortgage protection insurance is different from private mortgage insurance. Lenders require private mortgage insurance if the down payment of a home loan does not meet a certain threshold. This insurance is meant to pay off the lender in case the borrower defaults on the loan. This product is purchased through the lender, and the borrower will pay the premiums.

Why would you need Mortgage Protection Insurance?

Mortgage protection insurance is the best way to protect your debts. As the insurance sum is matched with the mortgage balance, you won’t need to worry about having enough to cover the remaining mortgage in the course of an unfortunate event. Unlike other types of loans, falling behind your payment can seriously affect your credit, but a mortgage protection insurance will continue to provide with your monthly payments until the death benefit runs out. Another benefit is that it allows the policyholder to avoid the underwriting process as the health of the applicant primarily determines life insurance rates. Skipping the underwriting process can result in high insurance premiums. It can be worthwhile if poor health could increase the premiums of a standard life insurance policy higher.

Lenin Raphael
Lenin Raphael
2024-05-15
Just purchased my second car insurance policy from Ishan Ullah. Great Service. Proactive. Responsive. Highly Recommended! Looking forward to coming back to Ishan next year for my third policy. Thanks Ishan!
Zahid Iqbal Sheikh
Zahid Iqbal Sheikh
2024-05-02
I bought a car insurance from here and the experience was smooth. I was assisted by Mr. Prathvi Singh along the way. Despite a minor issue, he was able to handle the issuance properly with his responsiveness and proficiency. I truly appreciate their dedication to client satisfaction. Highly recommend!
sakthi kumar
sakthi kumar
2024-04-29
Good Followups & very friendly
Salman Ali Shahid
Salman Ali Shahid
2024-04-29
We have been dealing with petra for a very long time. A problem that occurred to our building. And Mr. Adrian was the person in charge who had to complete all the tasks. He has completed his required job and he has done an excellent work due to which we have ontained our refunds back from the insurance. And also the required approvals on timister. Adrian was well prompt office work and also was very. Quick and responding to all the corespondence Either through WhatsApp or email promptly, so the appreciation goes towards the good job done.
Sam Sadmi
Sam Sadmi
2024-03-13
Don’t know much about Petra but I know Hero as I dealt with him for many years. Also before he joined Petra. Very reliable and great service. So for me it’s about the people that you work with.
saji velayudhan
saji velayudhan
2024-03-12
Recently I had purchased vehicle insurance policy through Petra insurance broker LLC. My insurance advisor Mr. HERO BULACAN really put his maximum effort for my requirements and assisted in getting an optimum policy. It is worth mentioning that I was also approached other brokers, but unable to get a good deal. Mr. Hero is very transparent and prompt in response. Getting an agency repair within your budget is a challenging task which Mr. Hero has done it in a systematic manner. Thanks for that.
Sonya Coates
Sonya Coates
2024-03-12
Hero is, absolutely amazing he has been my broker for years I have followed him everywhere. Highly recommend him and his new company Petra. Thanks Hero you really are our family hero ha ha
Mohannad Alkhofash
Mohannad Alkhofash
2024-03-11
Excellent experience with Petra Insurance Broker! Their service is top-notch, and the website is user-friendly. Special thanks to Prathvi for making the process smooth and being incredibly helpful.
Natasha Wanda Noval
Natasha Wanda Noval
2024-03-09
This is to express my sincere gratitude for the exceptional service we received during our recent motor insurance renewal. I would like to specifically thank Nishad and Prathvi for going above and beyond to assist us even if it’s weekend. Their willingness to help made the renewal process smooth, efficient and just be on time of our renewal date. Thank you once again for the outstanding customer service.

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