Aetna – Mortgage Protection Insurance Review (2024)

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From its 1853 start as a life insurance provider, Aetna has branched out into health insurance, mortgage protection, and other types of coverage. During labor shortages, wage freezes, economic downturns, mergers, and acquisitions, the company has helped Americans get the coverage they need.

Does Aetna Offer Mortgage Protection Insurance?

Mortgage protection insurance is designed to protect policyholders by covering the interest and principal of a mortgage when they cannot make payments as scheduled.

Like the life insurance plans Aetna offers, mortgage protection insurance typically pays out after a policyholder passes away. However, the proceeds of these policies are used in different ways. Rather than sending funds to the borrower, payouts are sent directly to lenders. And, because these policies decline in value as a mortgage is paid, a policyholder’s family will see no cash benefit.

Unlike some life insurance policy options, which have strict guidelines and underwriting processes, Aetna’s mortgage protection insurance plans carry an acceptance guarantee.

Aetna Mortgage Protection Insurance Cost

The cost of Aetna’s mortgage insurance policies depends on various factors. If a policyholder is older and has health problems, or if the company deems that they will need a payout soon, that person will pay a higher premium. The monthly cost of mortgage protection ranges from five to $500, depending on policy value, policyholder health, gender, age, lifestyle factors, and term length.

Riders for Aetna Mortgage Life Insurance

Insurance riders, sometimes called floaters or policy add-ons, are extras that policyholders can request. Depending on the rider’s type, it will provide different benefits. Because these policies are much like life insurance coverage, they typically allow buyers to request riders that affect the timing and initiation of payouts. Common mortgage protection riders include those covering:

Serious illness. With the appropriate rider, a policyholder’s mortgage will be paid if they become ill or incapacitated. While most riders cover several months of payments, it is possible to get coverage for the entire value of a mortgage.

Bankruptcy. Policyholders can cover their mortgage payments as they get a fresh financial start.

Premium return. Here, policyholders can get part or all of their premiums refunded.

Unemployment. Some riders protect policyholders from the inability to pay their mortgages after the loss of a job.

Disability. These plans often come with the option to have mortgage payments covered if the holder becomes disabled.

Faster access. In some instances, holders may be able to get their benefits before their disability or death.

Accidental death. Not all plans cover mortgage payments in the event of a holder’s accidental death, but this type of rider adds that coverage.

Depending on the policyholder’s finances and health, riders may be enormously beneficial. Aetna offers numerous options to supplement mortgage protection insurance policies, and agents can help you find riders to protect your family from unforeseen risks.

Aetna’s mortgage protection plans are typically rolled into their life insurance policies, which means it’s tough to get standalone coverage. However, Aetna MPI is a valuable way for homeowners to protect themselves and their families.

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