Global Atlantic – Mortgage Protection Insurance Review (2024)

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Global Atlantic

Initially founded in 2004 as the Goldman Sachs Reinsurance Group, Global Atlantic went independent and became a privately held company in 2013. Currently, it operates as a subsidiary of KKR. The company’s strong initial financial foundation set it up for success, and its unique heritage continues to inform Global Atlantic’s investment and risk management capabilities as well as its products and their distribution.

Does Global Atlantic Offer Mortgage Protection Insurance?

Global Atlantic offers two forms of life insurance but does not offer the more specialized mortgage protection insurance. Instead, Global Atlantic offers indexed universal life insurance and preneed funeral insurance. While these types of policies can be beneficial, they do not operate in the same way.

Traditional life insurance policies pay out benefits to the beneficiary upon the death of the policyholder. Mortgage protection insurance works a little differently. This specialized type of insurance plan covers both the principal and interest associated with a policyholder’s mortgage. The proceeds get sent directly to the lender, eliminating what would otherwise be an extra source of stress for the people left behind.

Global Atlantic Mortgage Protection Insurance Cost

Mortgage protection insurance is generally much more affordable than the life insurance policies offered by Global Atlantic. As with life insurance, the costs may vary. Some policyholders pay just $5 per month for minimum coverage, while others opt for more comprehensive policies. The factors that impact the cost of mortgage protection insurance include:

  • Size of the policy
  • Age
  • General health
  • Field of employment
  • Gender
  • Location of the home
  • Smoking status

The best way to determine how much a mortgage protection insurance policy will cost is to use an online calculator or contact the specialized lenders that sell these policies. Though some pay as little as $5 per month, others have premiums of over $500.

Riders for Global Atlantic Mortgage Life Insurance

Global Atlantic offers a variety of riders for their life insurance policies that make it possible to add custom options and benefits. These riders don’t necessarily apply to mortgage protection insurance, as it is not available through Global Atlantic.

Mortgage protection insurance offers riders, as well. Also called floaters, these optional add-ons provide many of the same options as those associated with Global Atlantic’s life insurance policies. They focus primarily on life events that could impact the policyholder’s ability to pay the mortgage and usually include options to cover unemployment and disability.

With disability riders, the benefits kick in when the person becomes disabled and is no longer able to continue paying the mortgage. This rider can be especially helpful to those who work in risky fields or have a genetic predisposition towards disabling illnesses.

Unemployment riders are sometimes included in the base mortgage protection insurance policy. If the policy does not include coverage for involuntary job loss, adding the unemployment rider is almost always worthwhile. There is usually a waiting period before coverage begins, but once that period is over, the policy will pay up to six months of mortgage payments when the policyholder has become unemployed for a covered reason.

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