Posted: Tue Mar 04, 2008 7:55 pm Post subject: PROTECT LOVED ONES
As we all wish to do, protecting those nearest and dearest to us is usually most important. Think about this for a second you just took out a $300,000 loan (which now a days is the lower end for homes especially in the NY area) to be paid off during a 30 year term. All sounds great until however tragedy strikes the family and the breadwinner either mom or dad fall victim to a heartattack, car accident etc. Banks may have lowered the rates on loans but unfortunately they will not be as sentimental to your current situation. So now you ask how will the family pay for this...Good thing at the time of closing their loan they spoke with their Insurance Broker about Mortgage Protection Insurance. This is basically a Term Life insurance policy that is geared to both the amount of your loan and the term in which it was taken for, or the amount of time left on it depending on when you decide to get it. This way if a loved one were to die the beneficiary usually either the significant other or eldest child can either pay off the balance of the loan, or re-invest the amount they just received from the Mortgage Protection policy. Premiums even for people in their later years of life are very low and are of course always worth the protection of family and loved ones. If you have any questions about this further please feel free to contact me. _________________ Charles Maniglia
Director of Marketing
I don't know how many times I have actually seen this happen to a family. All I know is it is quite often around here. If you don't have insurance..please get it. The Admiral really knows what he's talking about on this. No one wants to have 15 or 20 years paid odd on a m ortgage only to lose the home later due to death.
This way if a loved one were to die the beneficiary usually either the significant other or eldest child can either pay off the balance of the loan, or re-invest the amount they just received from the Mortgage Protection policy.
Hi, can they re-invest it into anything they want! Or are there any specifications in relation to this one? _________________ Register Now to have your Insurance queries solved.
They can re-invest the $$ into anything. They are receiving a payout from the policy because the insured has passed on and his/her family is collecting on the policy they had. It works the same as any other Life insurance policy, it is just marketed as Mortgage Protection. It many instances it is the most important form of Life insurance to have. My company offers all forms of Insurance including Life. _________________ Charles Maniglia
Director of Marketing
Posted: Wed Mar 05, 2008 3:30 pm Post subject: insurance
hello, 'Admiral'......I looked at your Homepage. i din't see 'your' company listed. Can you, please, PM me and let me know what it is? I live in PA. Is 'your' company a nationwide company?
You said your company offers life insurance also. If someone already has an exsisting life insurance policy are they still allowed to purchase additional policies through other companies? I mean you surely must.
You can absolutely purchase additional Life Insurance from other companies. You will be subjected to the underwriting process again which includes filling out an application and having a medical done again but you can have take policies from as many companies as you want. What many people do is they take a Large amount of Term Insurance because its the cheapest and convert it to Whole Life or Universal Life as the years go on and the investment part of Life Insurance comes more into play. At this point you don't need to fill out another app or have another medical done. I hope this helps. _________________ Charles Maniglia
Director of Marketing
Folks...Your best bet is to locate an independent broker that represents all major companies. In most cases,"mortgage" insurance is NOT a good buy. Level-term may be your best bet.
Most of the major companies stopped writing mortgage policies because there was no point in covering a mortgage the last 3-8 years. That is, level-term coverage invariably gives you better coverage at a better rate.
Incidentally Admiral (I like the name) please tell us the name of the company and a national website that tells a little about them.
Thankd for the info Ohio. Admiral, I wouldn't mind ahving the information Ohio requestd. Is that possisle? That way I can see what would be in my best interest. Ohio has always been really helpful so I pay close attention to his posts.
Posted: Thu Mar 06, 2008 1:43 pm Post subject: insurance
I would like to know, for example.......if I wanted to buy ANY kind of Insurance, from a company that is outside of the state, in which I reside, are their any 'stipulations' about that ( ie.....if I wanted to buy insurance in Ohio and I live in PA.)
My company is an Insurance Brokerage. We represent many different Life insurance companies Such as Met, William Penn, AIG-US Life, etc. Ohio if you would have carefully read my original post you would have seen that I mentioned that "Mortgage Protection" is a Term Insurance policy. And yes it is Level Term. All your basically doing is taking out a Level Term policy for the amount of the Loan you may have left on your hosue at the time of purchase and the # of years as well. My company also deals with Life companies that offer odd year policies such as 12, 13, 14, 16 etc up to year 30. Instead of the traditional 10, 15, 20, 30 year terms.
SD Chargers Fan to answer your question you can buy insurance from anyone anywhere. As long as the broker is licensed in the state you wish to buy the insurance from it is not a problem. Many brokers deal with General Agents or are General Agents that represent companies from all across the country. I hope I answered your question. _________________ Charles Maniglia
Director of Marketing
Anytime SDfan, my name is Charlie by the way. If you ever have any questions about anything please don't hesitate to ask _________________ Charles Maniglia
Director of Marketing
