Secure12 Mortgage Payment Protection
Product Overview
Secure12 Mortgage Payment Protection is a mortgage (debt) related insurance product designed to pay 12 monthly mortgage payments up to a maximum of $4,000 per month in the event of an insured debtor’s death or terminal illness. This monthly benefit mortgage life insurance plan is available on a single or joint coverage basis.
Features
- Pays or reduces the monthly mortgage payment as of the date of death or certified terminal illness as defined in the policy.
- Twelve months of payments will be made regardless of how many payments are left on the loan.
- Maximum monthly benefit is $4,000.
- Joint coverage can be converted to single coverage upon the death or terminal illness of one of the insureds. The premium rate converts to the single person rate.
- Economical rates (premium) maintain over time. Premium does not increase due to age. Premiums can only change if they are changed for everyone in a policy class.
- Premium added to the monthly mortgage payment.
- Payment protection benefit does not apply to the balloon amount of a balloon loan.
Eligibility
To qualify for the plan, the insured must be between the ages of 18 and 69 at the time of application and either a signee on the loan or the spouse of someone signed on the loan.
The real estate mortgage loan must be a first mortgage with an amortization equal to or greater than 10 years.
Insurance Benefit
This coverage is designed to pay 12 monthly mortgage payments up to a monthly maximum of $4,000 in the event of an insured debtor’s death or terminal illness, as defined in the policy. Twelve monthly payments will always be paid regardless of how many payments are left on the loan. In the event the loan is paid in full as a result of benefit payments, any remaining benefit payments will be paid monthly to the debtor’s spouse if living; if not, then the debtor’s estate.
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 is one health question. No medical exam is required. No occupational question is asked.
Premium Rates
Single Coverage:$0.10/$1,000 of the original financed amount, subject to a maximum of$42.50 per month.
Joint Coverage:$0.20/$1,000 of the original financed amount, subject to a maximum of$85.00 per month.
Exclusions
The plan does not cover suicide during the first two years of coverage.
General
The information contained 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 sound-ness 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 06-50434T.
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.
F63694-5 Rev 8-2007
A05727-0807
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