Why do I get so Many Mortgage Protection Letters?
All right. We’re going to talk about mortgage protection again. Some of you have seen some of my previous videos, so if you need more information, feel free to look through those. But today’s topic is, and I hear this a lot from the people that I talked to on the phone, why do I keep getting all these mortgage protection letters in the mail?
It so happens that I refinanced myself recently and I saved one of them. They all come in different shapes and colors and sizes and everything. But if you’ve refinanced or purchased you can’t help but notice them. Anyways, what is all this talk about mortgage protection insurance, and why do I keep getting all the letters in the mail? So I’m going to answer that for you.
Okay. And you may not know this, but when you record a mortgage down at the county courthouse, it is public record. It’s out there for people to look up and access. So when you move into a home and you have a new mortgage, a lot of times you get solicitations for different things. You’re going to get solicitations for new synthetic lawn, for water heaters, for swimming pools, for solar, things that new homeowners would be in the market to purchase. And mortgage protection happens to be one of them. So they don’t go through your mortgage protection plans at the mortgage company, which sounds ironic, I know. But years ago, back in 2008, they changed all of that. So you cannot get your options anymore through a mortgage company.
Is Whole Life Better?
If you want a mortgage protection plan, which is basically life insurance designed for the mortgage, you have to respond and get somebody on the phone and have them go through your options with you, an independent agent, not somebody from the mortgage company. They are not insurance companies. They do private mortgage insurance because they’re a lender and they like to protect themselves, but they don’t do mortgage protection insurance in case you die. That’s a death benefit issued through a life insurance company.
So why are you getting all these letters? Because you’re a new homeowner. Can they send it to you? Is it legal, illegal? Yes, it’s absolutely legal. It’s public record down at the county courthouse. They’re simply trying to help you out, okay? It feels a little salesy or scammy at times, I get it, but these are state regulated programs and they’re 100% legitimate. If you don’t want it, ignore them. They’ll go away. They taper off after about three or four weeks, probably, but some people get annoyed by getting sent so many of those. Well, don’t let it bother you. Just toss them in the trash if it’s not something that’s important to you.
Hopefully, that helps you understand what’s going on, why you’re getting the letters, where they’re coming from. They come from a lot of different sources, so expect to get a few and don’t be bothered by it. But if you do want to look into it, go ahead and get in touch with me. I will cut to the chase. I’m not here to sell anything to anybody unless they really want it. So I’m here to find out if it’s something that would be right for you. If you’d like to have that discussion, let’s talk. You can get on my calendar just by clicking below. I look forward to seeing if I might be able to help you out. Hopefully, this helps clear up some information about mortgage protection insurance. Have an awesome day.