Episode # 14 of the Mortgage Foundations Podcast
Today we are going to discuss the Mortgage Protection Plan (or MPP) and all the great stuff it can do for homeowners like you. Trust me, it's something you definitely want to know about. This plan features optional life and disability insurance to help protect yourself and your loved ones against the unexpected. It is a convenient, affordable choice whether you have no insurance or need to top-up your existing protection.
Picture this scenario - you've just bought your dream house, and you're all set to start making memories in your new abode. But hey, life is unpredictable, right? What if something unexpected happens and you're unable to make your mortgage payments? That's where the Mortgage Protection Plan swoops in to save the day by offering protection in the event of disability or loss of life.
One of the key benefits of this plan is that it can help cover your mortgage payments if you're unable to work due to a disability. Life happens, accidents happen, and sometimes we find ourselves unable to work and earn an income. If you find yourself in this situation, having the Mortgage Protection Plan means you won't have to worry about falling behind on your mortgage. In the event of disability, the plan steps in to cover your mortgage payments for up to 24 months; so you can focus on getting better without worrying about losing your home. You'll even receive a bonus disability payment to help you get back on your feet once you return to work if you haven't already received the maximum number of payments.
But it doesn't stop there - this plan also offers a safety net for your loved ones if something were to happen to you. We all want to make sure that those we care about are taken care of, right? The Mortgage Protection Plan ensures that your family won't have to struggle with mortgage payments if you were to pass away since the plan will pay off your mortgage balance and allow your family to stay in the home without the added stress of mortgage payments. It's a peace of mind knowing that your loved ones won't have to deal with the financial burden while they're grieving. Your payments are also covered until the submitted life insurance claim is settled; meaning, your family will have the money they need, when they need it.
Now, let me break it down a bit further for you. When you sign up for the Mortgage Protection Plan, you'll be able to choose the coverage that fits your needs. You can customize the plan to ensure that you're getting the protection you want and need. If you already have life or disability insurance; you can structure the Mortgage Protection Plan coverage to fill the gap or top-up your existing coverage to ensure you and your family are fully protected. It is important when considering any coverage, to make sure that you have enough coverage to cover the full mortgage as well as other expenses your family may be left with.
The best part about the Mortgage Protection Plan is that it's hassle-free. You don't need to go through a ton of medical exams or fill out a bunch of paperwork. It's a simple and straightforward process to get the coverage you need. If the plan is set-up with a Mortgage Broker, the coverage moves along with you if you switch your mortgage to a different lender and can begin as soon as you complete the application; which means it can even cover you before the closing date. There is also a 60-day money back guarantee so you have time to review the coverage in detail to make sure it is exactly what you need.
Now, I know what you might be thinking - "Well, how much is all of this going to cost me?" Here's the good news - the premiums for the Mortgage Protection Plan are usually very affordable. The cost will depend on several factors, including your age, health, and the amount of coverage you choose. But overall, you'll find that the benefits you receive far outweigh the cost.
So, homeowners, it's time to take a serious look at the Mortgage Protection Plan. It's a smart way to protect yourself, your family, and your home. With its disability and life coverage, you can rest easy knowing that you're covered in case the unexpected happens. Don't let life's uncertainties catch you off guard - be prepared with the Mortgage Protection Plan.
