Lowest Price Mortgage Protection Policy
- Thread starter SamIam
- Start date
That's a bit like asking us "What's the best color shirt?"
Would you like to describe the specific situation your client is in, so we can advise you on exactly which carrier, plan, term, and riders should be included for him/her? Oh, you mean the cheapest policy for EVERY client? Hmmm... let me know when you find that one.
- Thread starter
- #3
No that would be like asking you the lowest cost shirt
That being said it's not that difficult of a question. If someone asked me what's the lowest cost term more often than not i would say Banner. Is that for every situation, no but on average it is.
Assurity's nonmed is hard to beat. Not a "mortgage protection" policy, but the rates are good and there are riders like you are looking for. Commission is nice too.
About a month ago I looked at Americos mortgage product, and the rates were higher than Assurity's term.
About a month ago I looked at Americos mortgage product, and the rates were higher than Assurity's term.
The lowest priced 'mortgage protection' product would probably be a fully underwritten Preferred Plus 10 year term... But it's all up to what you mean by mortgage protection. Personally, I do mostly non-med stuff with Americo or MoO, sometimes UHL for health issues, and Assurity and Banner are both pretty low priced (along with Fidelity). But none of them can touch a fully underwritten policy on a healthy individual. So I guess my wiseass answer earlier could be paraphrased by saying -- "it depends on what you're looking for." Does 'mortgage protection' mean a nonmed term, because the market is more limited if that's what you intended. If you just meant any term to be used for mortgage payoff, it's a whole different conversation.
(and I'd agree on Americo -- I pulled away from their HMS product somewhat because they aren't as competitive pricewise... I find myself writing little more than their 15 year coverage, or sometimes the 30 yr ROP)
- 8,707
Not to be a pain but your terms are all wrong. ART is annually renewing at the higher age of the client so no level premium. What you want is a decreasing term policy where the premium is level and the death benefit decreases. These are hard to find as they offer little to no savings for the consumer over a plain Jane level premium term. Last I knew National Western Life still had one.
Thank you for the information. I was not sure what the term was for this type of term product. In a sense it is annually renewable because you can renew at the lower face amount each year. It's like an ART policy in the sense that the face amount is reduced each year so the premium, which would have increased, remains level .
I was just wondering if anyone wrote an old fashioned Decreasing Term or Mortgage Term policy.. Every company I have dealt with over the past few years only have level term or ART products.
- 8,707
Last I looked National Western had one. Never sold one as the "Premium Savings" over a level term just does not materialize.
Similar threads
