Liberty Bankers believes every person deserves peace of mind. The individual gets this feelin when they have a plan in place for the future. They know what needs to be done to provide for their family and future with the help of this plan. Liberty Bankers helps clients create plans that fit their specific needs. This plan covers the individual’s retirement, their health insurance coverage, and their life insurance. Impeccable service and products form the backbone of the company.
In addition, it continues to expand its offerings to better meet the needs of customers. The newest offering is the Summit Prime Fixed Indexed Annuities. The company’s focus remains on those who matter most, the customers and their loved ones.
Does Liberty Bankers Offer Mortgage Protection Insurance?
Mortgage protection insurance is a policy that pays the principal and interest portions of the policyholder’s mortgage payment when they cannot do so. The mortgage lender receives these payments once the insurer approves the policyholder’s claim. This policy resembles a life insurance policy.
However, the policyholder doesn’t receive the funds, as they are designated for a specific purpose. The mortgage holder automatically becomes the beneficiary when a person purchases this policy. To receive this payout, the policyholder must become disabled and cannot work because of this disability.
In addition, if the policyholder passes away, the insurance company makes these payments. Certain policies also make these payments if the policyholder loses their job or experiences another major life event. Riders are used to provide this expanded coverage.
Liberty Bankers Mortgage Protection Insurance Cost
Before taking out any insurance policy, a person wants to know the cost. As with any insurance policy, the cost varies by the policyholder. Insurance premiums increase as the risk being taken on by the insurance company increases. A person’s age affects the policy premium, as do any health issues the policyholder has.
However, these are only two of many factors an insurance company considers when setting a premium for a policy. Some policyholders pay as little as $5 a month, while others pay up to $500 a month. Additional factors that influence the policy premium include the term length and the policy amount. A person with a $250,000 mortgage protection insurance policy will pay $50 a month on average.
Riders for Liberty Bankers Mortgage Life Insurance
Policyholders may purchase additional coverage known as riders or floaters. Mortgage protection insurance policyholders find they can change how and when a policy payout is initiated or received with the help of these riders. Policyholders often use these riders to receive coverage for life events outside of death that could limit their ability to pay their mortgage.
The unemployment rider is one many individuals wish to add to their policy. If the policyholder loses their job through no fault of their own, the policy covers their mortgage payment for up to six months. However, there may be a waiting period before this coverage comes into play. The disability rider ensures the policyholder can make their mortgage payments if they become disabled.