please sir explain how to protect insurance in mortgage?

Mortgage Protection Insurance and Mortgage Protection Life Insurance is all the same...life insurance. It's just repackaged to market it. Sometimes, these policies are more expensive then regular term life insurance. They sometimes have decreasing death benefits too. The best thing to do is to go to a site that offers competitive rates for term life insurance and compare rates.

Mortgage protection insurance may provide coverage for when you pass away, as well as, when you become disabled.

However, many consumers purchase decreasing term insurance, or level term life insurance, which may be less costly, and provide more coverage for your money. It depends on your specific needs.

Level term life insurance provides you with a coverage amount and premiums that remain the same each year for up to 30 years.

Mortgage Protection Insurance is different from PMI or "Private Mortgage Insurance" in the fact that it has level premiums and level death benefit. Mortgage Protection Insurance is designed to pay off your mortgage in the event of your death. Simply it is a term life insurance policy and can be more expensive than other term life policies.Keep in mind most advertising you see for term life only shows you best case scenario as far as health and by the time you do the medical testing and the insurance company rates up your policy the premiums are usually about the same.

Is there an insurance the covers your mortgage payments in case of unemployment?

Mortgage Protection is simply a life insurance concept. When identifying needs, your debt on your house is the most obvious large expense that needs to be covered. Regardless of the type of insurance you should carry a death benefit that not only covers mortgage, but at least 3 years income, potential future college expense, other substantial debts, etc.
"Mortgage Protection Insurance" is not a product, life insurance is the product. Typically the concept would be sold through a bank or lender and would usually be a decreasing term policy with the lender being the beneficiarry to pay off the note. That is your primary difference doing it through a lender is that you do not select the beneficiarry.
To answer the question posted Jan 26, yes, it is called disability insurance. Again, a monthly mortgage payment, along with all other monthly payments necessary should be considered in a disability policy in case you cannot work.
While the concept of mortgage protection is a great one, you should not get focused on that sole debt and monthly payment when setting up your life and disability insurance.

Set up your own personal life and disability insurance looking at the big picture and only use mortgage protection as a piece of the puzzle. I would not recommend doing it through your lender as you would not own or control the policies, and most of all, you cannot assign your beneficiarries.

If you have further questions feel free to email me at dhorsey@myclearview.com

David J Horsey Jr, CLTC
Clearview Insurance & Financial Services

All I am doing is pricing Mortgage Protection Insurance. Is it for only disability, or for death of a spouse, or both?

Mortgage Protection is actually an umbrella term which is generally used to describe two different products.

Mortgage Life Insurance and Mortgage Payment Protection Insurance. I have included a brief synopsis of each product below

Mortgage Life Insurance - Mortgage life Insurance is a specific type of life insurance designed to cover the ourstanding sum on a

repayment mortgage

. The sum assured on the life insurance is designed to decrease at a slightly slower rate than the mortgage does. In the event of the policy holders death the beneficiaries of the policyholders will can use the money to pay off the sum outstanding on the mortgage. Whilst some insurers alow the policyholder to leave the money in trust to the mortgage company most expect the money to be left in trust to the dependants of the policy holder. The reason for this is that often their is a sum of money left over after the mortgage has been paid off, the beneficiary may even not want to settle the mortgage but would prefer to take the actul money itself.

Mortgage Payment Protection Insurance or ASU
This is designed to cover the poicy holders mortgage payments. It is called asu becasue they can be covered for accident sicness or unemployment or a combination. Typically these policys pay out for a fixed period time.
there is also another policy called PHI or Permenant Helath insurance but this lasts all the way through to retirement and tyically doesn't cover unemployment.

Some useful referance points

Mortgage Life Insurance Frequently asked questions
Mortgage Payment Protection Frequently asked questions

Motgage Life Insurance from Brokers Online
Mortgage Payment protection Insurance from Brokers Online

FSA information about what type of insurance you need

www.LTprotection.com is for Florada residents only