Return of premium life insurance is level term insurance with a bonus – if you outlive your policy’s term, you will receive all your premiums back. It is more expensive than regular term insurance and the cost difference increases with age, so we don’t recommend this type of policy for … Continue reading How does return of premium like insurance work

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Mortgage life insurance is reducing term life insurance. The death benefit decreases annually to keep level with your mortgage balance. Due to the lower cost of level term insurance, mortgage insurance has fallen out of broad use today.

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In some cases, coverage may still be issued. However, the coverage may be modified or a particular condition excluded from coverage, or an extra premium may be charged because of adverse health history.

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Your insurance coverage expires at the end of the term. You will be given an opportunity to renew the policy, but at a much higher premium. It’s usually much less expensive to purchase a new policy, if your health hasn’t changed.

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In most cases, blood and urine samples are required. Depending on your health history, your age and the amount of insurance applied for, you may also be required to take a medical exam

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If you have a specific time period you need covered, such as for a 30-year mortgage, select the term that will cover that period. As life insurance can be viewed as income replacement, some people try to get coverage lasting until retirement age, while others get coverage lasting until their … Continue reading What term length do I Choose?

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Simply stated, it’s life insurance protection lasting a limited number of years (typically 10, 15, 20, 25 or 30 years) that expires without value if the insured survives the stated term period. Most term policies can be renewed (at higher premium) at the end of the term or may be … Continue reading What is term life insurance?

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There are basically two types of life insurance – permanent and temporary. Whole life insurance and Universal life insurance are two types of permanent life insurance, both providing coverage for the entire life of the insured person. Term life insurance provides temporary coverage for specified periods of time (the term), … Continue reading What are different types of life insurance?

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