NEIT
New England Insurance Trust
PHONE:  800-234-3621
175 Ammon Drive, Manchester, NH 03103

Mortgage Life Insurance


Product Overview

Mortgage Life Insurance pays off or reduces the insured mortgage balance if the mortgage holder dies, relieving the family or co-homeowner of a major, long term debt - and helping them keep the home they love. All mortgage customers under age 70 are eligible to apply for it.

Features

  • Pays or reduces the insured mortgage balance if homeowner dies.
  • Benefit paid directly to the financial institution.
  • The insurance does not terminate due to age.
  • Joint coverage is available for half the cost of the older borrower.
  • The cost is based on the age and loan balance at the time you apply, and the cost does not increase over time.
  • Premium added to monthly mortgage payment.
  • Twelve Month Return of Premium - After paying mortgage life premium payments for one year, the first year’s premium will automatically be returned by check to the insured person.
  • Living Benefit - If you are diagnosed with a terminal condition, as defined in the policy, that leaves you with a life expectancy of twelve months or less, you have the option of accelerating your benefit while you are still alive.

Eligibility

To qualify for the plan, the applicant must be between the ages of 18 and 69 at the time of the application.

Length of Coverage

Once approved, coverage may be continued for the term of the mortgage loan, regardless of age, as long as premiums are paid. Coverage is portable and can remain in force even if the loan is refinanced or sold as long as premiums are paid.

Underwriting Requirements

There are three health questions. In most cases a medical exam is not required.

Premium Rates

Premium rates are based on the age and mortgage loan balance on the date of the insurance application. Joint coverage is available at 50 percent of the cost of the older borrower’s rate.

Exclusions

The plan does not cover suicide during the first two years of coverage.

General

The information included in this overview is a summary of the plan benefits. Actual plan benefits are determined by the plan document (certificate, policy, contract, etc.).

This insurance plan is underwritten by Minnesota Life Insurance Company. Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. For more information about the rating agencies and to see where Minnesota Life’s rating ranks relative to other ratings, please see our web site at www.minnesotalife.com/about/financials.

Coverage is offered under policy form series MHC88-15323T Ed. F.40443 10-1998 and MHC-88-15730V and any state variation thereof.

 

Minnesota Life
Minnesota Life Insurance Company
A Securian Financial Group Affiliate
www.minnesotalife.com

400 Robert Street North, St. Paul, MN 55101-2098
651.665.3500 - 651.665.4488 Fax

©2007 Minnesota Life Insurance Company. All rights reserved.

F63694-6 8-2007
A05684-0807

Daniel Dubreuil
Allied Solutions
Ph: 800-234-3621
175 Ammon Drive
Manchester, NH 03103 US
www.neit-nemie.com
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