MORTGAGE INSURANCE NO MEDICAL EXAM
Term Life Insurance ideal for mortgage insurance Protection.jpg)
Optional Plan Benefits
may include:
Unemployment waiver of premium,
disability waiver of premium, accelerated death benefits
Level Term Life Insurance:
often makes the best choice for Pure Mortgage Insurance
protection.
If you are looking for
the lowest initial premium outlay without regard to building any
tax favored cash value, then, Level term life
insurance often makes the best choice for pure mortgage insurance
protection. There are several key benefits to the
insured that are available with the purchase of level
term life for mortgage insurance.
(1) The death benefit
remains level for the entire term even while the mortgage balance
is decreasing. This leaves more dollars available for your family,
or other beneficiary to help replace the obvious loss of your
income if you died.
(2) The insurance
policy is owned by insured, or the beneficiary, making the policy
portable in the event you sell your house, or refinance.
(3) With decreasing
term, or a policy where the mortgage company is the beneficiary,
you may find yourself needing to buy
another policy if you sell your house, or refinance. If your
health has deteriorated, or your age has increased after
purchasing the original policy, you may find you either cannot
qualify for additional insurance, or that it would be much higher
for the same amount.
(4) some Level
term policies now have extra protection included, for critical
illness, or a chronic illness, or a terminal illness. Some include
this extra benefit at no additional cost, while other insurance
companies included it for a minimal extra premium. Including these
benefits can be very important because a heart attack, stroke,
invasive cancer, severe burn, or some other qualifying trauma, if
not fatal, could keep you from earning a living, which could be a
fate worse than death. The ability to access your death benefits
in your life insurance policy while you are living could be a
financial life saver.
Indexed
Universal Life:
Universal
Life, Indexed Universal Life and Whole Life Build Cash Value.
Cash Value that may be used to pay off
your mortgage early.
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Would you like to be able to pay
your mortgage off early, to potentially save thousands in interest
payments, and then be able to redirect the money now used for
making your mortgage payments to save for your children's, or
grand children's college, or your retirement, or to invest in a
business, etc.?
If your answer is yes, or you
simply like the idea of saving for life's emergencies and
opportunities, then using a life insurance policy that builds cash
value while providing the death benefit you need to pay off the
Mortgage should you die prematurely may be the best choice for
you.
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Indexed
Universal life with High No Medical Exam Limits to age 65
Cash accumulation for early Mortgage
Payoff, College, Retirement supplement, etc.
Accelerated
Death Benefits available
while Living for: Critical,
Chronic and Terminal illness.
$25,000 Up to $250,000
Death Benefit available with E-App and No Medical Exam.
Great Smoker and
Non-Smoker Rates. Physical exam over $250,000,
and/or over age 65
Mortgage Insurance - Mortgage Life Insurance: PMI - What's the
difference?
The term Mortgage
Insurance is sometimes used when the life insurance being
purchased will be used primarily to pay off a mortgage in the
event of death. You may find This type of life insurance is also
referred to as Mortgage Protection Insurance, or Mortgage Life
Insurance, or mortgage term insurance. The Term PMI refers to
Private Mortgage Insurance. Private mortgage insurance is
sometimes confused by the homeowner because it's name sounds like
the life insurance plan. This is not Life Insurance. It helps
insure the lender if they have to foreclose. PMI is required by
lenders when the amount of the loan is equal to or greater than 80
percent of the home appraised value. Credit Life insurance is
sometimes offered at closing by the mortgage company. It is
possible that credit life insurance could result in paying off a
mortgage in the event of the homeowners death. However, there are
some big disadvantages to purchasing credit life with the
mortgage. First, credit life rarely covers the entire length of
the mortgage. Often only for a limited term like 7 years.
Secondly, the premium is usually financed in with the mortgage
resulting in higher payments and extra interest being paid for the
entire mortgage period. Thirdly, the primary beneficiary is
usually the mortgage company to the extent of the balance of the
mortgage leaving no choice, or additional funds for the surviving
family members. Fourth, credit life only covers the loan it was
purchased for. If the loan is refinanced, there would still be a
debt, but no insurance to cover the debt because the old loan was
paid off .
Facts and FAQ about
Mortgage Insurance
Q:
What
are
the
chances
of
losing
my
home
by
Fire?
A:
One
out
of
100.
Q: What
are
the
chances
that
I
won't
live
long
enough
to
repay
my
mortgage?
A:
The
statistical
risk
of
dying
is
much
greater.
The
risk
depends
on
your
age
at
the
time
you
obtained
your
mortgage.
Statistical
information
obtained
from
*NAIC
Commissioners
Standard
Ordinary
Mortality
Tables
reveal
that
the
chances
of
death
before
completing
a
30
year
mortgage
are:
Age
50:
Almost
Certain
Age
40:
one
out
of
2
Age
30:
one
out
of
4
Q:
I
Think
I'm
already
paying
for
this
coverage,
How
do
I
know
for
sure
if
I'm
covered?
A: The
best
way
to
be
sure,
is
to
review
your
policy
carefully.
If
you
still
are
not
sure
of
your
coverage,
ask
your
Life
insurance
Agent
to
review
it
with
you.
If
you
never
received
a
policy,
or
lost
your
policy,
make
sure
you
request
a
duplicate,
Review
it
carefully
and
keep
it
in
a
safe
place.
Often
home
owners
mistakenly
believe
their
Homeowners
insurance
affords
this
protection.
Or
that
the
premiums
they
are
paying
for
PMI
affords
this
protection
The
names
are
very
similar,
but
actually
insure
two
completely
different
things.
PMI
on
your
loan
is
Private
Mortgage
Insurance
to
indemnify
your
Lender
should
you
fail
to
make
your
mortgage
payments
as
agreed.
PMI
helps
you
into
home
ownership
with
little,
or
no
money
down.
It
is
usually
required
by
your
lender
if
the
loan
on
your
home
will
exceed
80%
of
the
appraised
value.
It
does
not
prevent
the
loss
of
your
home
from
foreclosure
and
does
not
pay
off
your
mortgage
in
the
event
of
your
death
or
disability.
Government
Home
Guaranty
services
like
VA
Loan
programs,
or
FHA
loan
programs
are
also
"insurance"
programs
that
help
you
into
home
ownership
with
little,
or
no
money
down,
by
indemnifying
the
lender.
They
do
not
protect
against
the
loss
of
the
home
when
the
loan
cannot
be
repaid
because
of
the
death,
or
disability
of
the
homeowner.
However,
VMLI
veterans
mortgage
life
insurance
may
be
available
to
certain
disabled
veterans.
This
type
of
insurance
is
a
decreasing
life
insurance
benefit
made
payable
to
the
mortgage
company
up
to
$150,000
in
the
event
of
the
death
of
the
veteran.
Q.
What
is
the
chance
my
premature
death,
or
disability
could
cause
my
family
to
lose
their
home
through
foreclosure?
A:
Each
year
in
the
United
States,
approximately
70%
of
all
foreclosures
and
85%
of
all forced
Home
Sales
are
due
to
the
death,
or
long term
disability
of
the
primary
family
wage
earner.
*
source
Mortgage
Bankers
Quarterly
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