My Lender required me to take out Private Mortgage Insurance (PMI), so we already have Mortgage Insurance?
This is a Very common mistake! A significant portion of homeowners who may be required to purchase PMI do not understand what type of protection it offers- and more importantly, Whom it protects. Private Mortgage Insurance is typically a stipulated requirement by a lending institution because the borrower has less then 20% ownership interest in the property. Lenders require PMI to insulate Their interests should a borrower default- for any number of reasons, on their promise to pay. This means, if you are unable to make your mortgage payment, the lender is covered but you are not. Mortgage Insurance policies benefit individuals.

 

A 2007 law made PMI tax deductible-- if I take out Mortgage Protection, is this also tax deductible?

No-- but remember, PMI only protects the Lender, Not You. The good news is while Mortgage Protection Insurance is not tax deductible, any policy proceeds/payouts are tax Free.

 

My Lender didn't require me to take out PMI, am I still a candidate for Mortgage Protection?

YES. If your lender didn't mandate PMI, it's likely because you've met or exceeded the required down payment- or obtained over the course of paying your mortgage the equity requirement (usually 20%) to satisfy most conventional lending institutions. While this is great, is should create an even greater need to protect the equity you've accumulated.

I have a homeowner's insurance policy, what does this do?

Homeowners insurance typically covers damage from fire or natural disasters. It does not protect a homeowner against foreclosure due to sickness, accident or death.

Why do I need Mortgage Insurance Protection?
Your mortgage may be a new financial obligation you did not have when you acquired your existing life insurance, so you may not have enough benefit to pay off the mortgage in a case of disability, critical illness or death.

In addition, work disability protection typically covers 50-70% or less of your gross income. Will half of your salary cover your annual bills?

In the event of job loss, would you have enough coverage?
A Mortgage Insurance Policy is your personal property and belongs to you and your family whether you are employed or not. The policy goes with you, if you move or re-finance your mortgage.

Do I need Mortgage Insurance coverage if I already have coverage from my employer?
Work benefits are great, but they are controlled by your employer and end when you leave your job, regardless of the reason. Do you know how much protection your employer provides? Would it pay-off your family's debt and home mortgage if you died? If not, Trinity Mortgage Protection is your answer.

I'm on a budget, can I afford Mortgage Protection?

Contact us-- we offer a broad range of highly affordable mortgage protection products. We feel confident we can work with almost any budget to make sure you're safeguarded against financial hardship. Remember, it costs nothing to talk with us.

Couldn't my estate just sell my assets if I die?
Yes, your estate could liquidate your assets, but how much are they worth? The typical mortgage is between $75,000 and $200,000. If your family sold everything you own would they make that much? For most of us, our estates are not that valuable and few people have those dollars in the bank.

Mortgage Life Insurance and Disability Insurance Policies offer living benefits to make your mortgage payment in case of disability and critical illness. In addition, it is possible to get all your money back at the end of the policy.

Is a medical exam required to apply for coverage?
With most Mortgage Insurance policies you do Not need an exam! Based on the answers you provide regarding the policy's health questions, the carriers may only require additional information from your doctor. Trinity Mortgage Protection always treats your medical information confidentially, as required by Federal Law.

If I'm turned down, can my spouse still get coverage?
Absolutely! Trinity Mortgage Protection insurability and underwriting guidelines are broad and liberal. However, some applicants may be declined. If that happens, you and your spouse may apply for separate policies.

What's the maximum monthly disability payment I can receive from my Mortgage Insurance policy?
With Mortgage Insurance your disability payment may be as large as $2000 per month. However, your disability payment cannot be greater than your monthly mortgage payment including the principal and interest in escrow payments (taxes, homeowner's insurance, etc.). To learn more, apply now!

Does the Mortgage Insurance premium increase as the mortgagor ages?
Absolutely not with Mortgage Insurance! All Trinity Mortgage Protection rates are guaranteed.

How do Mortgage Insurance premiums get paid?
Trinity Mortgage Protection offers many payment options and our agents will explain them to you in detail. They may include credit card, electronic deposits or other suitable methods

When does Mortgage Insurance coverage become effective?
With Mortgage Insurance in most cases, right away, but your Trinity Mortgage Protection agent always makes sure you understand any special conditions that apply.

Conditional Receipt: A receipt given for premium payment accompanying an application for insurance. If the application is approved as applied for, the coverage is effective on the later of the date of prepayment or the date on which the last of the underwriting requirements, such as medical examination, has been received by the insurance company. A conditional receipt for premiums paid upon application may protect the proposed insured from changes in health occurring after the application and funds have been submitted to the insurance company.

When does Mortgage disability insurance coverage terminate?
Mortgage Insurance coverage remains in force until the policy term ends or until you reach age 65. (If your spouse is also covered and is younger than 65, your spouse coverage remains in effect until he/she turns 65.)

All Mortgage Insurance coverage stops if you discontinue premium payments or if you request termination of your policy.

Who is the beneficiary of my Mortgage Insurance policy?
Mortgage Insurance proceeds are paid to the beneficiary you designate. This allows your family to pay the mortgage and other bills as needed.

How long are Mortgage Insurance benefits payable?
With Mortgage Insurance, if you are you're under age 50 you are eligible for two full years of disability payments. If you are you're between the ages of 50 and 64 at the time you get hurt or sick, you get 12 months of benefits.

Does the mortgagor have to be confined at home to be eligible for benefits?
With Mortgage Insurance your doctor's diagnoses may be all that is needed to start the benefits but ask your insurance professional since policies vary.

May a policy holder apply for benefits more than once during the term of the insurance?
Yes, provided it is a separate disability originating from a different cause. You may also receive payments on disability of the same cause, as long as the new episode begins at least six months after the first disability period ended. In cases similar to this it is usually considered a separate disability.

Can I get coverage even if I have a pre-existing condition?
Yes, provided it is a separate disability originating from a different cause. You may also receive payments on disability of the same cause, as long as the new episode begins at least six months after the first disability period ended. In cases similar to this it is usually considered a separate disability.