Presenting Critical Period Coverage/Mortgage Payment Protection
Critical Period Coverage or what we refer to as Mortgage Payment Protection (MPP), is designed to cover the mortgage payments for a set period of time following a death. This usually ranges from approx 6 months – 2 years, depending on the client’s age and health. This provides the spouse, children, & or families, the necessary time to put a plan together and to make logical decisions vs emotional ones. Keep in mind that “Critical Period Coverage” is not a product, but a concept. You are typically using Whole Life products (UHL Premier, Trans America Immediate Solutions, Americo Eagle Premier, Am Am Dignity Solutions etc) and the face amount is determined by how many mortgage payments they would like to be paid on their behalf at the time of a death. For example, if a client had a mortgage payment of $1,000, you could show options for 12 months, 18 months & 24 months of mortgage payments being made on their behalf by simply taking the monthly mortgage payment and X’s it by 12, 18, & 24 and running the quotes for those face amounts . Watch the video below and listen to the audio beside it to learn more.