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If you're concerned about the likelihood of your initial death benefit meeting your future insurance needs, then you may want to add a guaranteed insurability rider to your Mortgage Protection Coverage. A guaranteed insurability rider allows you to add additional death benefit amounts to your Mortgage Protection Coverage on specified dates in the future. You will need to pay the additional premiums based on the health and ratings you had at the beginning of your policy, but you will not need to make any additional payments for declines in your health.
Because this rider guarantees your insurability, you won't need to go through underwriting again, and there's no chance of your request being declined. This rider does cost an additional premium, even if you never exercise the option to increase your death benefit, and the dates on which you can purchase additional death benefit are generally very restrictive.
|Sheri Ann Richerson|