All About Mortgage Protection Insurance

All About Mortgage Protection Insurance

For most families the monthly mortgage payment is the biggest single expensive, and the ability to pay that mortgage is paramount to the welfare and stability of the family. Any sudden financial shock can put those mortgage payments behind, and once they fall behind it can be difficult to catch up, especially if the mortgage payment is a large one. Falling behind in the mortgage puts the family at risk of foreclosure, and losing the family home can certainly be a traumatic and life changing experience.

In order to avoid this unhappy scenario many people have purchased mortgage protection insurance. This specialized type of life insurance is designed to protect the family from losing the roof over their heads in the event of an untimely death. By purchasing this type of life insurance families can ensure that they never have to risk losing their home as well as their loved one.

Mortgage protection insurance is typically purchased at the same time as the home, but in some cases it can be purchased months or even years later. The amount of time that is allowed to elapse between the purchase of the home and the purchase of this type of protection will vary – some companies allow consumers to purchase coverage as much as five years later, while others require that the coverage be purchased 13 to 24 months after escrow has closed.

The underlying idea of mortgage protection insurance is easy enough to understand. Homeowners pay a premium that remains the same throughout the life of the policy. In exchange for this premium the insurance company promises to pay a death benefit if the insured dies before the expiration date. Basically, it’s a term life insurance policy where the term is the length of the mortgage.

The kind of death benefit provided will vary from policy to policy, and it is important to compare coverage options carefully. In some cases the mortgage protection policy will pay only the amount of the outstanding mortgage, although these days it is more common for the death benefit to be equal to the original amount of the mortgage.

Even though the amount of the death benefit is tied to the mortgage on the home, the beneficiaries of the policy are not required to use the proceeds to pay off the mortgage. In some cases it may be more beneficial to use the money for other purposes, especially if the interest rate on the mortgage is a low one. Beneficiaries are free to use the money in any way they see fit, from paying off or paying down the mortgage to covering the cost of college for the kids.

The price of mortgage protection insurance will vary from company to company and from individual to individual, but insurers typically use the same criteria they would for more traditional forms of life insurance. Factors such as smoking history, present and past health problems and age will be considered when the premium is being calculated. In addition a medical exam may be required before coverage is granted.

For families with an outstanding mortgage balance a mortgage protection insurance can provide real peace of mind and important protection. It is a good idea for anyone reviewing their insurance needs to consider this type of coverage very carefully.

Call us today for your Mortgage Protection Insurance Quote: 1-877-872-7071

High Risk Life Insurance

High Risk Life Insurance

Life insurance is an important purchase, and something that everyone with a family to support must have. But what do you do if you have been turned down for life insurance coverage due to a preexisting condition, dangerous occupation, risky hobby, medical problem or other reason? When you are turned down for life insurance coverage it is tempting to just give up and shrug your shoulders, but that is exactly the wrong thing to do.

After all, your family still depends on you for many things, from financial support to emotional stability. In the event of your untimely death that financial stability would be gone, and your family could be left with nowhere to turn. Life insurance is an investment in the future, and it is important to give your family members the protection they need and deserve. Being turned down for coverage is certainly a blow, but it should be the beginning of the shopping process, not the end.

That is because there are many life insurance companies that specialize in insuring those who other companies have turned down. High risk life insurance is a thriving business, and there are plenty of policies available for those who know where to look. The key is to be persistent – those who give up may be left without coverage but those who persevere can eventually get the life insurance coverage they need.

If you have been turned down for life insurance you may want to ask the agent exactly what factors played a role in their decision. Some companies may be more willing to share this information than others, but it never hurts to ask. Maybe you were turned down because you are currently a smoker. Maybe the life insurance company had a problem with your occupation, or with a dangerous hobby you engage in. Perhaps the problem was a medical condition, or a bad report from the life insurance company’s doctor. No matter what the reason it is important to take stock and move on in the search for coverage.

One of the best places to look for coverage is with companies that specialize in so-called high risk life insurance. This type of life insurance coverage is designed to provide those with preexisting medical problems, health issues and other problems with the coverage they need. While you can expect to pay a bit more for the coverage you need, you should be able to find a policy that meets your needs for a price you can afford.

Of course it is still important to shop around as much as possible, since the premiums for high risk life insurance coverage can vary quite widely from company to company. It is always a good idea to solicit quotes from a cross section of highly rated life insurance companies, and to compare those coverage options carefully. Only after you have compared the policies will you truly know that you have gotten the best possible coverage for the lowest possible price.

Call us at 1-877-872-7071 to receive a no-obligation life insurance quote catered to those considered high risk.

Term Life vs. Return Of Premium

Term Life vs. Return Of Premium

Those in search of the perfect life insurance coverage have many options to choose from, and it is important for would be policyholders to shop carefully for the coverage they need. From term life to whole life and universal life, there are many different kinds of policies to choose from. Sorting through all this clutter to find the best possible life insurance coverage for the money can be quite a challenge, even for the experienced life insurance shopper.

One of the most popular, and most affordable, types of life insurance coverage is also the simplest. Unlike other types of life insurance coverage, term life insurance is designed to provide a death benefit – and only a death benefit – to the beneficiaries named in that policy. There is no cash value, there is no investment component and the policy pays off only upon the death of the insured.

Another thing to keep in mind when shopping for term life insurance is that the policy is in effect for only a specified period of time – known of course as the term. If that term expires with the insured still alive it is worthless. Even though the policy can be renewed, there is no return of premiums paid and no death benefit. It is up to the insured to renew the term life insurance policy before it expires in order to avoid a gap in coverage. Allowing the life insurance coverage to lapse could leave the beneficiaries high and dry, and it is important for term life holders to understand the importance of renewing their policies on time.

Those who worry about wasted premiums and possible lapsed coverage may want to look at a different type of life insurance coverage. This life insurance coverage is known as return of premium life insurance, and as the name implies the premiums paid can be returned to the insured at a specified point in time. This return of premium feature allows individuals to enjoy the value of the policy while they are still alive, and this feature is a popular one with many shoppers.

Of course it is important to balance the costs of this type of coverage against the benefits of these returned premiums. Term life insurance is generally the least expensive type of coverage, so a return of premium policy will likely cost more. It is a good idea to add up all the premiums of a return of premium life insurance policy and compare them to the premiums for the same amount of term life coverage. This type of comparison is the best way to make sure you are getting the best life insurance coverage for your hard earned money.

Shopping for a life insurance policy can be a difficult, time consuming and sometimes expensive proposition. It is important for anyone in need of life insurance coverage to shop around as much as possible. Shopping around is the best way to get the highest amount of life insurance coverage for the least amount of money.

Options for Those Who Have Been Denied Life Insurance Coverage

Options for Those Who Have Been Denied Life Insurance Coverage

If you have been denied life insurance coverage you already know how heart wrenching and difficult it can be. You only wanted to protect your family and those care about in the event of your untimely death, but the insurance company turned you down for the coverage you need to provide that protection. What do you do now? What options do you have if you have been denied coverage? These are all important questions, and it is important to seek out the best answers as well as the best coverage.

The good news is that there is life insurance coverage available for those who have been denied coverage, and there are things that ordinary consumers can do to get the coverage they need at a price they can afford.

One of the most obvious steps to take when you have been denied coverage is simply to apply with a different company. Different life insurance companies use different criteria in their underwriting process, so just because one company turns you down does not mean they all will. You may be able to find the coverage you need by checking with a variety of highly rated companies. It is important to stick to highly rated companies when shopping for insurance, since the life insurance protection is only as good as the company standing behind it. Going to a second or third tier company in search of coverage could leave your beneficiaries high and dry just when they need that insurance the most.

It is easy to shop for a number of life insurance policies at the same time thanks to the power of the internet. There are many ,life insurance comparison sites online, and these comparison sites allow shoppers to enter their information into a single form and receive literally dozens of life insurance quotes tailored to their needs. These sites can be a good choice, even for those who have been denied coverage in the past.

Another good choice for those who have been denied coverage is known as guaranteed issue life insurance coverage. This type of policy is just what the name implies – a guaranteed coverage option designed to protect consumers and let them get the life insurance coverage they need to protect themselves and their family.

Of course the premiums for such guaranteed life insurance coverage can be a bit higher than other forms of life insurance, but the higher premiums may be worth it in the end. After all your family gets the protection it needs and you get the peace of mind that comes with knowing that your family is protected.

As with other forms of life insurance coverage it is important to shop around for the best coverage, and to compare life insurance options carefully. It is also important to be on the lookout for waiting periods, exclusions and other factors that could effect the value of the life insurance coverage. By comparing the coverage options carefully you will be able to get the highest possible death benefit for the lowest possible price.

Life Insurance Premium Options

Life Insurance Premium Options

Life insurance is an important purchase, and one that no family can afford to live without. Even so, paying for that needed life insurance coverage can be quite difficult at times, and it is important for shoppers to find the best possible coverage at the lowest possible premium cost.

It is also important to choose a payment option that best fits your needs. Life insurance premiums can be paid in a number of ways, and it is important for every individual shopper to compare his or her options and choose a payment plan with care.

There are many different payment options available for life insurance policies, but the number of options for any particular policy may be limited due to company policy, the type of coverage and other factors. It is important for those who are looking for a new policy to ask about the various payment options and examine the advantages and disadvantages of each payment plan.

Perhaps the most common – and most popular type of payment plan is the monthly life insurance premium payment. This type of payment option has many important advantages, including low payments, ease of planning and more. Since the payments are spread out over twelve months the required monthly payments will be lower. Those lower payments make it easier for many people to budget and plan for the expense of the life insurance policy. In addition some life insurance companies provide their policyholders with an additional incentive by offering some kind of discount for automated payments made using a bank account or credit card. Those automatic payments can further lower the cost of coverage and make the life insurance premiums even more affordable.

Quarterly payments are another popular option, and this type of payment plan can also have a number of advantages. As with monthly premium payments, some life insurance companies may provide a discount for automatic quarterly payments made using a bank account or credit card. On the downside the payments will be quite a bit higher than their monthly equivalents, since the life insurance premiums are paid only one time per year. Policyholders who forget about an upcoming scheduled payment may find themselves scrambling for the funds to pay it.

The same is true of another payment option – the annual premium payment. The most significant downside of this payment plan is of course the high cost. Instead of being spread out over twelve months or four quarters, the entire yearly premium is due all at once. It can be difficult for many policyholders to come up with such a large sum of money all at once, and many people forgo annual payments in favor of one of the other options.

Of course an annual life insurance payment plan can have its advantages too, and it is important for policyholders not to dismiss this option out of hand. Some life insurance companies may offer a significant discount to policyholders who choose this option may be able to save themselves some serious money. In addition, timing the payment right can take some of the financial pain out of this option. For instance, some policyholders may choose to have their life insurance premiums come due around the same time their annual tax refunds roll in, making it easier to afford the payment and providing a ready reminder that the due date is on the way.

No matter what type of payment plan you choose it is important to budget for those payments effectively. The life insurance premiums should be a part of your monthly, quarterly or annual budget, not an unpleasant surprise.

No Physical Life Insurance

No Physical Life Insurance

In the past, life insurance companies would require a short physical exam before underwriting a policy. The physical exam would include drawing blood, collecting a urine sample, height, weight, blood pressure etc. These figures would then be analyzed and sent back to the life insurance company and they would give you a rate based on the results. If your results came back favorable then you would receive favorable premium rates. If your results came back less than favorable then the insurance carrier would rate you based on their risk table and it’s likely your premium rates would be higher. At that point, you can either afford the policy or you can’t afford the policy. If you can’t afford the premiums then you lower the coverage or face amount to lower the premiums. If you absolutely have to have a certain coverage amount to cover a mortgage or college tuition then your stuck with a premium that is too high.

No Physical Life Insurance Quote

One solution that has become more popular in recent years is a “No Physical Life Insurance Plan” or a “Non-Medical Exam Life Insurance Policy”. As stated, these life insurance plans are underwritten based on your answers to certain questions as opposed to blood and urine tests. These policies are becoming more popular due to the convenience and speed of policy issuance. Most people would prefer not to have someone come to their home and draw blood and collect urine if possible. There is also a lag time from when your application is completed and the life insurance carrier underwrites the policy. The lag time is due to the medical exam which has to be scheduled then the specimens need to go to a lab where results can be recorded and sent to the life insurance company. Sometimes this process can take 1-2 months before the life insurance company underwrites and sends you an accurate premium.

With no physical life insurance, you make the purchase online or over the phone and the policy is in force almost immediately. There is no one coming to your home to collect blood and urine and there is you’ll know your exact rate almost immediately.

You can get a lot of coverage, up to $500,000 and often times the premiums are not much higher than a standard term life insurance policy. Getting an instant no physical life insurance policy makes a lot of sense for a lot of people. If your young and in good shape you may be looking at an additional dollar or so a month. Wouldn’t you rather pay an additional $1 per month to get instant coverage and not have someone come to your home and poke you with a needle and ask for a urine sample? Of course each person’s circumstances are different and in some instances this is not the best solution.