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More of a marketing term. People want to protect their mortgage but don't want life insurance.I see. MP is not a different product category. Even though I know it's term life, I thought perhaps it was its own product category.
In my day mortgage protection was a decreasing term policy where the death benefit decreased along with the decrease in the remaining principal based on the interest rate of the loan. The client got a level premium for the life of the loan.
See if decreasing term is available.
Almost non existent in the marketplace. If offered, tends to be less known carrier with non competitive rates that are sometimes more expensive than level term with same face amount through duration.In my day mortgage protection was a decreasing term policy where the death benefit decreased along with the decrease in the remaining principal based on the interest rate of the loan. The client got a level premium for the life of the loan.
See if decreasing term is available.
Almost non existent in the marketplace. If offered, tends to be less known carrier with non competitive rates that are sometimes more expensive than level term with same face amount through duration.
Plus, rare for a client to have a mortgage that ends up really shrinking as it is more common for new homes being built or bought with a brand new bigger mortgage or refinance to buy toys, boats or pools