Frequently Asked Questions About Mortgage Protection Insurance
Protect Your Home and Financial Future with
Mortgage Protection Insurance in Plano, TX
Owning a home is one of the biggest financial commitments you’ll ever make. But what happens if unexpected circumstances—such as death, disability, or job loss—prevent you from making mortgage payments? Mortgage protection insurance ensures that your family can keep their home, no matter what happens.
At Doyle Assurance Group, we help homeowners in Plano, TX, Dallas, and the DFW Metroplex find affordable, tailored mortgage protection insurance solutions. Below, we answer the most frequently asked questions to help you understand your options.
Frequently Asked Questions About Mortgage Protection Insurance
What is mortgage protection insurance, and why is it important?
➡ Mortgage protection insurance is a policy designed to cover mortgage payments if you pass away, become disabled, or lose your job. It prevents financial hardship and ensures your family can stay in their home.
✔ Pays off all or part of your remaining mortgage balance
✔ Provides financial stability during difficult times
✔ Helps homeowners who may not qualify for traditional life insurance
How is mortgage protection insurance different from private mortgage insurance (PMI)?
➡ While both types of insurance relate to mortgages, they serve different purposes:
✔ Mortgage Protection Insurance: Covers mortgage payments in the event of death, disability, or job loss, protecting your family.
✔ Private Mortgage Insurance (PMI): Protects the lender, not the homeowner, and is usually required when the down payment is less than 20%.
Do I need mortgage protection insurance if I already have life insurance?
➡ Even if you have life insurance, mortgage protection insurance offers dedicated coverage for your mortgage, ensuring life insurance benefits can be used for other financial needs.
✔ Guaranteed mortgage payment protection
✔ Keeps life insurance payouts available for your family’s living expenses
✔ Helps homeowners who may not have enough life insurance coverage
What types of mortgage protection insurance policies are available?
➡ There are two main types of mortgage protection insurance:
✔ Level Term Policy: Provides a fixed payout throughout the policy term.
✔ Decreasing Term Policy: The payout decreases over time as your mortgage balance declines.
When should I apply for mortgage protection insurance?
➡ It’s best to apply for mortgage protection insurance when you first take out a mortgage or as soon as possible afterward. Early application ensures:
✔ Lower premiums while you are younger and healthier
✔ Immediate coverage in case of unexpected circumstances
✔ Better eligibility before any major health issues arise
Can I qualify for mortgage protection insurance if I have pre-existing conditions?
➡ Many insurers offer guaranteed issue mortgage protection insurance without requiring medical exams.
✔ Options available for individuals with health concerns
✔ Higher-risk applicants may face waiting periods before full benefits apply
✔ Coverage varies by provider—Doyle Assurance Group helps you find the best policy for your situation
Does mortgage protection insurance cover job loss?
➡ Some policies include unemployment protection, which helps cover mortgage payments if you lose your job due to layoffs or company closures.
✔ Verify if job loss coverage is included when selecting a policy
✔ Policies may have a waiting period before unemployment benefits activate
✔ Doyle Assurance Group can help find a policy that fits your specific needs
How much does mortgage protection insurance cost?
➡ Costs vary based on factors like age, health, coverage amount, and policy term. Generally, homeowners pay between $50 and $150 per month.
✔ Premiums remain fixed for the life of the policy
✔ Lower rates for younger, healthier applicants
✔ Coverage amounts tailored to match your mortgage balance
Can I change my mortgage protection insurance policy later?
➡ Yes! Many policies allow you to update your coverage amount, beneficiaries, or riders over time.
✔ Increase coverage if you refinance or move to a more expensive home
✔ Add riders for disability or critical illness benefits
✔ Review policies annually to ensure they still meet your needs
How do I apply for mortgage protection insurance with Doyle Assurance Group?
➡ Applying for mortgage protection insurance is quick and straightforward with Doyle Assurance Group:
✔ Free consultation to assess your coverage needs
✔ Simple application process with multiple provider options
✔ Fast approvals—some policies activate within 24 hours
We ensure a seamless, stress-free process for securing mortgage protection insurance in Plano, TX, and beyond.
Protect Your Home and Family with Mortgage Protection Insurance
Your home is one of your most valuable assets, and protecting it ensures your family’s stability and security. Whether you need coverage for death, disability, or job loss, Doyle Assurance Group is here to help.