ServicesMortgage Protection
Mortgage Protection in Florence, MS
If something happened to you, could your family keep making the house payment? We look at your loan, your income and what you already have, then build mortgage protection that fits that gap. It pays your family, not the bank, so they decide what comes next.
What mortgage protection does for your family
Mortgage protection is life insurance built around one job: covering what you still owe on your home. If you pass away while the loan is open, your beneficiary receives the money and can pay off the mortgage, keep making payments, or use it for something more urgent. The choice stays with your family.
It is different from the mortgage life insurance some lenders offer at closing. Those policies usually pay the lender directly and follow the loan if you refinance. A policy you own stays with you and names the people you choose.
Before we suggest anything, we start with the real numbers: your balance, your rate, how many years are left, and whether you carry coverage through work that could disappear if you change jobs. Getting that right first means the policy you buy is the one you actually need.
What you get when we set up your coverage
- 01
Your loan looked at first
Before we talk about policies, we go over what you owe, what you pay each month and when the loan is scheduled to end. Those figures set the amount of coverage and the number of years it needs to run.
- 02
Two policy styles compared
Some coverage gets smaller as your balance drops, while other coverage keeps the same amount the whole way through. We show you both, with what each one protects and what each one costs, so the difference is easy to see.
- 03
Beneficiaries named your way
We help you choose who receives the money and list backups in case plans change. We check your beneficiaries every year, so a marriage or a child coming of age is caught early.
- 04
Your coverage on a single page
We give you a one-page summary showing the policy you own, its cost and what it protects. Store it with your closing documents where your family will find it.
- 05
Personal help with a claim
Your family will not be left to sort out a claim by themselves. One of our agents guides them through it in person, starting with the first call and staying with them until the money arrives.
Questions about Mortgage Protection?
Call(601) 589-8930Signs it's time to look at mortgage protection
You just bought or refinanced
A fresh loan is the best time to match coverage to what you owe. Moved into a new home? Let us know and we will update your coverage within a week.
One paycheck covers the house payment
When the mortgage leans mostly on your income, losing it would hit your family the very next month.
Your only life coverage comes from your employer
Group coverage usually stops if you leave or lose that job, and the amount is often too small to pay off a home loan.
A new baby or a growing family
More people relying on the house usually means a larger gap to cover. That makes it a good time to run the numbers again.
How your appointment works
- 1
Talk with a real person
When you phone us, a live person answers. We ask a few quick questions about your home and family, then pick a time that suits you.
- 2
Meet at the office or on video
If a drive in from Pearl or Brandon is hard to fit into your week, we can meet by video instead. Either way, we go over your loan and any policies you already carry.
- 3
Clear choices, your pace
We walk you through each option in everyday language and never push. You make the decision when you are ready. If term life or another policy suits you better than a mortgage-focused plan, we will tell you.
- 4
Apply together, then check in yearly
We handle the application with you during your appointment or over the phone, answering each question as it comes up. Once you are covered, we put a yearly review on the calendar for you, and every client gets one.
What moves the price of mortgage protection
Most of your premium comes down to three things: how much coverage you carry, how many years it lasts and your health. We hold off on quoting until we've looked at your actual loan figures. That way the free quote you receive reflects your numbers, not a guess.
- Your balance and the years remaining
- The more you still owe, and the longer the loan has to run, the more coverage you need and the longer the policy has to stay in force. Both of those raise the premium.
- Your age and health history
- Younger applicants in good health usually see lower rates. Tobacco use makes a noticeable difference in the price.
- Coverage that shrinks or stays the same
- A policy that steps down along with your loan is usually cheaper, since the insurer is on the hook for less each year. A level policy runs higher, but as you pay the house down, the extra becomes money your family can use for other needs.
- Optional riders
- Add-ons such as a return of premium feature or a rider for your spouse each come with their own cost. We include only the ones you ask for.
Mortgage protection questions we hear often
Is this the same as the insurance my lender offered?
Usually not. Lender policies often pay the bank and may end if you refinance. The policies we write pay the beneficiary you choose, and you keep the coverage even if the loan changes.
Do I need a medical exam?
It depends on your age, the amount of coverage and the insurer. Some policies require one and others don't. We'll tell you up front which options fit your health history.
What happens to the policy when I pay off my house?
The coverage runs for the term you picked, not the life of the loan. If you pay the house off early, your family still receives the money if you pass away during the term.
Are you licensed to sell this coverage?
Yes. We hold a Life & Health Insurance license, which covers the life policies we use for mortgage protection.
Can I buy this if I already have term life?
Yes. Sometimes your existing policy already covers the mortgage, and we'll tell you if that's the case. If there's a gap, we can size new coverage to fill just that.
Let's look at your loan together
Have your latest mortgage statement handy and we will work through the numbers with you, by video or at our Florence office. You walk away knowing what coverage fits and holding a free quote.