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Mortgage Life Insurance
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Mortgage Life Insurance
Having enough life insurance to not only cover the loss of income, but also your family's other debts (such as house, car, credit cards, etc.) is a wise move. Even though it may feel like a struggle at the time if you have to scrape the funds together to cover the premium.
In the event the unthinkable happen, the house (and perhaps other debts) would be paid for and your family would have one less burden to worry about. Or, if you have mortgage insurance that is triggered by your disability or being unable to work (or disability insurance), then your family is covered if something should happen.
When you take out the loan on your house, the company financing your home will often insist that you include mortgage insurance as part of the arrangement. While this may seem like an unnecessary addition to your already full expenditure list, it does make financial sense for the mortgage company but also for you. However, just because you are buying mortgage insurance from one company doesn't mean that you need use that same company for your other insurance needs.
Take, for example, the case of Jane Dodd. Jane and her husband Eric worked hard to raise a down payment to buy a home. The Dodd family had three children, and they both decided that Jane should stay home with the kids. Eric had a good job and a solid paycheck so it wasn't a strain. But when Eric was tragically killed in car crash, Jane was left to support her family without an income.
Fortunately Eric had enough life cover to offset his financial contribution to the running of the household. He also had mortgage insurance. Jane received a check from the life insurance company large enough to invest and support her and the kids until they were grown, and another check she used to pay off the mortgage on the home, which took away the largest monthly expenditure. Jane no longer had to worry about making the house payment each month, or dipping into the life insurance money to make the house payment. The mortgage insurance took care of that for them.
Jane's case is, unfortunately, all too common. Every year in America thousands of people depend on mortgage insurance when an unexpected tragedy occurs. Mortgage insurance (or additional life insurance to cover the mortgage) can seem like a burden to those who opt for it, until they think about the amount of protection it provides. Mortgage insurance is one of those things that you are very glad to have when you finally need it.
In such a difficult time, having enough insurance to cover the remainder of the mortgage, for many families, has made all of the difference in security, in having a roof over their heads, and in knowing that their futures are secure.
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Term Life Insurance Service
The two most common forms of life insurance policies are term life insurance and whole life insurance. The names are remarkably apt. A term life insurance policy lasts for a set period, say 10 years. If you die during that 10-year term, the policy will pay. If you don't, it expires and that's that.
A whole life insurance policy lasts for your whole life. You absolutely will die during the policy period for a whole life insurance policy. Although most insurance company will pay you the benefit before you die, if you live to be 100.
Typically, term life insurance provides protection for a period of from one to 20 years. The best way to think of term life insurance is as temporary insurance. A whole life policy is permanent insurance.
Term products usually are used when you have a temporary need, such as a mortgage, business obligations or a particular need for income when your children are young. Whole life products are effective when you have a permanent need, such as to supplement your surviving spouse's income, cover funeral costs, pay capital gains taxes, to make charitable donations and even pass a family business from one generation to the next. For this reason, it is usually the least expensive form of life insurance ad the one most likely to be used by cash-strapped young families. Its low cost allows you to buy higher levels of coverage at a younger age, when your need for protection is often greatest.
Of course, it would be simply if there were only one kind of term life insurance to consider. Instead, there are three. Level term provides a consistent amount of insurance throughout the policy period. Decreasing term, which is a good type of insurance to use to cover a shrinking debt obligation, such as a mortgage, starts with a specified face amount, which decreases annually until it reaches zero when the policy expires. Increasing term provides a growing amount of insurance, but the need for this type of protection is rare.
Some term life insurance policies are renewable. The benefit here is that you don't need to prove to the insurance company that you are still "insurable" to renew the policy. But, each time you renew, the premiums will be higher because you are older and, therefore, more likely to die during the policy's term. Many term life insurance policies are also convertible, which means they may be exchanged for another type of life insurance. Choosing a convertible term life insurance policy is one way to make sure you will be able to get permanent coverage at a later time, without having to prove that you are still insurable.
You won't want to stick with term life insurance for your entire life. By the time you reach 70 or 80 years of age, the premiums for a term policy usually approach the face amount of the insurance, because the insurance company figures you are going to die soon.
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