Question 1

What is mortgage protection insurance?

Accepted Answer

It's a shorthand for two products that keep your mortgage payment made in worst-case scenarios: mortgage life insurance (a death benefit sized to your mortgage) and disability income insurance (income replacement if illness or injury keeps you from working).

Question 2

Isn't this just PMI?

Accepted Answer

No. PMI (private mortgage insurance) is required by lenders on many loans with less than 20% down, and it pays the lender if you default. Mortgage life and DI pay you or your family, so you decide how to use the money.

Question 3

Do I have to buy this from my lender?

Accepted Answer

No. Lenders often market their own mortgage life products, but you're free to buy coverage from any licensed agent. Independent agents can compare multiple carriers.

Question 4

How much coverage do I need?

Accepted Answer

Two common approaches: (1) size it to the full mortgage balance so it can be paid off; (2) size it to a chosen number of years of monthly payments — often more affordable and still solves the 'keep the payment made' problem.

Question 5

How is the premium determined?

Accepted Answer

Age, health, tobacco use, coverage amount, term length, and product type (level term vs. return-of-premium) are the main drivers.

Question 6

Can rates go up during the term?

Accepted Answer

Level term products lock in the same premium for the entire term you choose. After the term ends, coverage typically becomes annually renewable at much higher rates or ends — that's why matching the term to the mortgage matters.

Question 7

Doesn't my job already cover disability?

Accepted Answer

Some employers offer short-term disability, but it typically replaces less income than people assume and pays for a limited number of weeks. Long-term coverage is far less commonly employer-provided, and if it is, the benefit percentage is often modest.

Question 8

What's the difference between own-occupation and any-occupation?

Accepted Answer

Own-occupation pays if you can't do your specific job. Any-occupation only pays if you can't do any job you're reasonably qualified for — a much stricter definition and a cheaper policy.

Question 9

What's an elimination period?

Accepted Answer

The waiting period after a disability starts before benefits begin — commonly 30, 60, 90, or 180 days. Longer waits lower the premium but require you to have savings to cover the gap.

Question 10

Is return-of-premium term always better because you get your money back?

Accepted Answer

No. Premiums on return-of-premium term are meaningfully higher — often two to three times a standard level term policy at the same coverage. It pencils out best if you're highly confident you'll keep the policy the entire term and wouldn't otherwise invest the premium difference.

Question 11

What happens if I cancel a return-of-premium policy early?

Accepted Answer

Cancellation values in the early years are typically zero or very small. Return-of-premium policies penalize early exits — that's how they can afford the eventual refund.

Question 12

Are you tied to one insurance company?

Accepted Answer

No. We're an independent, carrier-agnostic agency. That means we can compare policies across multiple carriers to find a fit for your situation, rather than fitting you to one company's product line.

Question 13

What states are you licensed in?

Accepted Answer

Florida (resident), plus Alabama, Georgia, Iowa, Kansas, Maryland, Michigan, New York, Ohio, South Carolina, Tennessee, Texas, Virginia, and West Virginia — 14 states total.

Question 14

What happens after I submit a form?

Accepted Answer

Richard reaches out personally, usually within one business day, to talk through your situation. Nothing is bound and no obligations are created until you review and sign an actual policy application.

Straight answers about mortgage protection.

Basics

Coverage & cost

Disability coverage

Term vs. cash-back

Working with an agent

Ask Richard directly.