GEICO Mortgage Protection Insurance Review: Good In 2023?
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GEICO Mortgage Protection Insurance Review
GEICO is a very well known company, however, their mortgage protection term insurance redirects you to a third party, Ladder Life Insurance. If you don’t qualify for Ladder you are redirected again to another third party company.
Wondering if GEICO has good mortgage protection insurance?
Well, the short answer is they don’t.
They work with partner companies to provide this type of insurance, and their partner companies are over priced and few options, especially for older folks.
Read on to see our full GEICO mortgage protection review, or simply fill out our quoter to compare rates instantly from the top companies.
Table Of Contents
- Mortgage Protection Insurance Explained
- GEICO Partner Companies
- GEICO Benefits
- Best Mortgage Protection Companies
Mortgage Protection Insurance Explained
Mortgage protection insurance is a type of life insurance. Some are decreasing over time as your mortgage also goes down, some are level for the entire term, and some are offered by mortgage lenders that will wipe your balance clean in the event of your death.
Most of the time, people looking for mortgage protection insurance end up getting a level term life insurance policy to pay off the mortgage.
So what does GEICO offer?
GEICO Partner Companies
Since GEICO does not directly offer mortgage protection insurance, this review is really about the other companies it partners with for this type of coverage.
The first place they will try to send you is Ladder Life Insurance. Ladder offers non-medical exam policies to cover the mortgage in the case of death.
While Ladder is not bad for younger people, the older you get the more Ladder starts to break away from other similar companies and charge much higher prices.
Furthermore, Ladder only offers coverage up to age 60. This is very disappointing as many people who buy mortgage protection insurance are over this age.
If you are over 60 then GEICO will try to route you to another third party.
It is difficult to tell who this third party is and who they work with as there is no information on the website other than wanting you to give information.
We tested this third party and were called incessantly by random people for many days and weeks.
This is one of the many reasons why we do not like GEICO as a mortgage protection insurance partner.
Click here to read our review of Ladder Life Insurance.
GEICO Mortgage Protection Insurance Benefits
Another reason why we do not recommend working with Ladder Life Insurance through GEICO is that their policies do not come with living benefits to pay for the mortgage in the event of a disability or chronic illness.
There are many other companies out there that will give these benefits free of charge on typical mortgage protection policies.
When looking for mortgage protection insurance, it is important to cover the mortgage not just in the event of your death, but in the event that something happens that impairs your income potential, such as a disability or illness.
Best Mortgage Protection Insurance Companies
We wrote a quick review of the top mortgage protection insurance companies here.
Overall, the best company for you will depend on your unique health and coverage amount that you are needing to cover the mortgage.
You should always compare your options among many different companies to avoid overpaying or over-insuring yourself.
We at Seniors Mutual work with all of the top rated companies to find you the best mortgage protection policy and the best price, no matter your health conditions.
And we can offer this coverage all the way up to age 80!
If you are looking or are interested in mortgage protection insurance please fill out our quoter and we will be in touch.