Officially established in 2020, Quility offers an array of customized insurance protection solutions. Its team members come from diverse backgrounds in the arenas of financial products and services and insurance coverage. Quility staff members have extensive experience in their fields, and they’re dedicated to simplifying the insurance selection process while helping clients find the most effective and affordable coverage to meet their needs.
Does Quility Have Mortgage Protection Insurance?
One of the coverage solutions offered by Quility is mortgage protection insurance. Unlike life insurance, where the beneficiary would be a loved one, the beneficiary of a mortgage protection payout is a policyholder’s mortgage company. This type of coverage is designed to prevent surviving family members from losing their home if their primary financial provider passes away.
Quility Mortgage Protection Insurance Cost
Quility works with numerous leading insurance carriers to help clients secure the most affordable coverage possible. Policies from Quility start at around $20 per month. Individual quotes are available for those who are interested. A calculator is also available on the to give homeowners a general idea of what their coverage costs may be.
Several factors come into play when determining the cost of mortgage protection insurance. These include the homeowners’ ages, their jobs, and any risk factors they may be up against. The remaining balance on the home being insured and the time remaining on the loan term factor into the equation as well. Other aspects can also enter the mix.
Riders for Quility Mortgage Life Insurance
As is the case with other types of insurance policies, certain riders are available for mortgage protection coverage. One of the more popular options is the return-of-premium rider. It gives back the premiums a policyholder has paid after a predetermined time. Living benefits riders are also highly sought-after alternatives. They can allow policyholders to draw from a policy’s death benefits if they’re diagnosed with a terminal illness.
Unemployment riders are likewise available. They can cover mortgage payments in the event the policyholder loses his or her job providing the reason for job loss is supported by the rider. Limitations generally apply with this type of add-on. Disability riders are offered through Quility as well. They can cover mortgage payments if a policyholder becomes disabled due to an illness or injury.
Several mortgage protection insurance policies are available through Quility and its partner carriers. They’re designed to meet varying coverage needs and budgets. Homeowners can purchase these policies at any time after purchasing a house though obtaining coverage as soon as possible is recommended.
Coverage amounts typically mesh with the balance of the home being covered. They can range from $5,000 to more than $2 million. As policyholders pay down their mortgages, the amount of coverage decreases proportionally.
Should a policyholder meet with an untimely death, his or her mortgage lender will receive full payment of the remaining loan balance. If a policyholder experiences any hardships covered by the policy and applicable riders, his or her mortgage lender will receive monthly payments up to the limit specified in the policy. MPI policies available through Quility are designed to give homeowners added peace of mind in the face of uncertainty.