Loan Protection Insurance

[Jerbond]

I am looking for mortgage (loan) protection insurance. This is a program exclusive to loan lenders- such as Bank of America. Do any insurance carriers offer this type of coverage? Basically it's designed to pay some of your mortgage payments in the event of disability, death of a spouse, unemployment, etc. Any ideas?

 

[GreenSky]

Re: Loan Protection Insurance-

I am looking for mortgage (loan) protection insurance. This is a program exclusive to loan lenders- such as Bank of America. Do any insurance carriers offer this type of coverage? Basically it's designed to pay some of your mortgage payments in the event of disability, death of a spouse, unemployment, etc. Any ideas?

Life, DI and/or CI might fit the bill.

Rick

 

[somarco]

Re: Loan Protection Insurance-

You can also pay off the Scicilian's when they come around.

 

[Jerbond]

Did more research. Product is called PPI, or Premium Protection Insurance. Lloyd's used to offer it, but seems like all the players have dropped the coverage due to "miss-selling" the coverage. Too bad, my client is looking to sell 10K of these...

 

[somarco]

Lloyds was in fact an underwriter of those plans. AFAIK they all went "poof" several years ago. Total ripoff.