Mortgage Protection vs. Term

[JJ2713]

Your thoughts on mortgage protection vs term life insurance.

I know mortgage protection is structured a bit differently, with living benefits, some (all?) with return of premium, etc.

There are term products with living benefits, etc.

Any recommended FMOs for mortgage protection?

 

[FinalExpenseDojo.com]

Mortgage protection IS term.

There is no difference.

Now, in regards to the FMO question: you might need to give us some more info in order to get the best recommendation. Are you looking for just contracts and that's it? Or are you looking for a company that has training & a lead program?

A hundred recruiters are about to comment on here lol.

 

[JJ2713]

I know MP is term life insurance.

Just contracts. Don't see MP with any major FMOs.

 

[FinalExpenseDojo.com]

Almost every IMO/FMO has Foresters, Mutual of Omaha, & Americo. These common carriers have Term plans.

 

[JJ2713]

I see. MP is not a different product category. Even though I know it's term life, I thought perhaps it was its own product category.

 

[Norwayguy]

I see. MP is not a different product category. Even though I know it's term life, I thought perhaps it was its own product category.

More of a marketing term. People want to protect their mortgage but don't want life insurance.

 

[adjusterjack]

In my day mortgage protection was a decreasing term policy where the death benefit decreased along with the decrease in the remaining principal based on the interest rate of the loan. The client got a level premium for the life of the loan.

See if decreasing term is available.

 

[VolAgent]

In my day mortgage protection was a decreasing term policy where the death benefit decreased along with the decrease in the remaining principal based on the interest rate of the loan. The client got a level premium for the life of the loan.

See if decreasing term is available.

Not as common anymore and rarely any premium savings either.

 

[Allen Trent]

In my day mortgage protection was a decreasing term policy where the death benefit decreased along with the decrease in the remaining principal based on the interest rate of the loan. The client got a level premium for the life of the loan.

See if decreasing term is available.

Almost non existent in the marketplace. If offered, tends to be less known carrier with non competitive rates that are sometimes more expensive than level term with same face amount through duration.

Plus, rare for a client to have a mortgage that ends up really shrinking as it is more common for new homes being built or bought with a brand new bigger mortgage or refinance to buy toys, boats or pools

 

[WinoBlues]

Almost non existent in the marketplace. If offered, tends to be less known carrier with non competitive rates that are sometimes more expensive than level term with same face amount through duration.

Plus, rare for a client to have a mortgage that ends up really shrinking as it is more common for new homes being built or bought with a brand new bigger mortgage or refinance to buy toys, boats or pools

<gasp> You mean they may still need Life Insurance after retirement?