American Amicable – Mortgage Protection Insurance Review (2024)

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American Amicable

With origins in the first part of the 20th century, the American Amicable Life Insurance Company of Texas is a special market insurer that offers wealth creation and estate protection products. Its firm financial footing and superior customer service make it an excellent choice for mortgage protection insurance both now and in the future. Here, we’ll outline the company’s mortgage protection offerings.

Does American Amicable Offer Mortgage Protection Insurance?

A mortgage protection policy covers a mortgage’s interest and principal when the policyholder can’t make payments because of serious illness or disability.

Mortgage protection policies are like life insurance in that they often pay out upon a policyholder’s death. However, the payout process is slightly different. Instead of sending checks to the buyer, which can then be used for any purpose, this type of insurance payout goes straight to the lender.

American Amicable Mortgage Protection Insurance Cost

Like other insurance products, certain factors affect the cost of mortgage protection insurance policies. When a buyer is older, has health problems, or is deemed likely to request a payout, they may pay more each month. The monthly cost of a mortgage protection plan from American Amicable may range from a few dollars to over $500 per month, depending on age, health, location, and lifestyle factors.

Riders for American Amicable Mortgage Life Insurance

Insurance riders which are sometimes called add-ons or floaters, are available extras which can be added to a life insurance policy. Mortgage life insurance riders from American Amicable are designed to give policyholders additional benefits, depending on their type. Different policies may have different available riders, but two of the most common additions are:

Unemployment protection. Some buyers add employment riders if this coverage is not already included. An unemployment rider covers the buyer’s mortgage payments if they are fired, as long as the reason for termination is covered under the policy. There may be a slight waiting period, but once the coverage kicks in, it will likely pay up to six mortgage payments while the buyer seeks new employment.

Disability protection. If an American Amicable policyholder is disabled and can no longer pay their mortgage, a disability addition will be enormously beneficial. Those with genetic conditions and those in dangerous occupations may want to consider adding this type of rider.

These are just a couple of the riders a buyer can add to their American Amicable mortgage life policy. To learn more about your options, contact an insurance agent in your area.

Mortgage protection insurance serves a valuable purpose: it pays a policyholder’s mortgage when they are physically unable to do so because of serious injury, illness, or death. By buying such a policy, you’ll allow your family to stay in the home during troubling times. Learn more about these policies by visiting American Amicable’s website, calling them directly, or consulting a life insurance agent in your area.

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