Mortgage life insurance has become a popular product mainly because it is marketed by mortgage companies, banks and some life insurance agents specializing in that field.
In its purest form, it’s just a life insurance policy where the insurance benefit follows the decreasing amount of debt on one’s mortgage. So, as your mortgage balance goes down, the amount of insurance you have goes down. These have a level premium but decreasing insurance year by year.
These days, these are less popular than level term life insurance for several reasons:You can buy level premium life insurance for 20 or 30 years, with guaranteed premiums without decreases in the life insurance benefit, usually at lower prices than mortgage life insurance. So, why get a policy that decreases in benefit?
By looking into life insurance , you’re taking an important financial step for those you love. The most important thing is to move forward and get the amount you should have so those people are taken care of, usually at least 10 times or up to 20 times your annual income.
Final expense insurance also referred to as “funeral” or “burial” insurance, is a life insurance policy that is designated for paying the final expenses of the insured that typically accumulate leading up to and immediately after the insured’s death. It is no secret to anyone living in the United States … Continue reading Final Expense Insurance – What is it and Why Should I Buy It?Read More
Preexisting conditions will usually have a substantial impact on life insurance rates; however, they do not always prevent you from being able to purchase an affordable policy. The good news is the life insurance industry has become very competitive, and insurance companies are now offering life insurance policies to people … Continue reading Buy Life Insurance with Preexisting ConditionsRead More
Life Insurance Terms You Should Know Just like with lawyers, members of the insurance industry use unfamiliar terms when they discuss the various products they represent. Not because they’re smarter than anyone else, it’s just the nature of the industry. Certainly, anytime you’re speaking with an agent, you can … Continue reading Life Insurance Terms You Should KnowRead More