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What is the purpose of mortgage protection life insurance?
The purpose of mortgage protection life insurance is to protect the home from being lost in the event the mortgagee passes away. The life insurance will pay off the balance of the existing mortgage to the finance company.
Is it necessary to purchase mortgage payment protection insurance when buying a home?
"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."
What is the best life insurance to have?
The best type of life insurance to have is the one that meets your needs and fits your budget. First decide why you need life insurance, and what you want to accomplish with your life insurance? Who relies on you for financial support? How much life insurance do you need, and for how many years? Term life insurance provides temporary life insurance protection for a specific number of years, usually 1-30 years. If you outlive the term, your coverage expires. There is no cash value build up within the policy, it is pure protection. Permanent life insurance is lifetime protection, as long as you pay the premiums. Cash value may build up inside the policy. You may be able to take a loan from the cash value. Term life insurance usually costs less than permanent life insurance. The most popular type of life policy is term life insurance. If you're young, healthy, and running on a shoe-string budget then buying a term life insurance policy may make perfect sense for you. It is the most affordable type of life insurance and suits the most important purpose of a life insurance policy, which is to provide financial protection for your family in case of the death of the policy holder. Some term life insurance companies look more favorably on smokers, those with health impairments or the aged. Term life insurance is also very competitive and you can find the best policy with the most affordable rate though online insurance quote providers.
Is Mortgage Protection Life Insurance a good idea?
Mortgage Protection Life Insurance is a good idea if you want to protect your mortgage. It pays the outstanding balance of your mortgage if the mortgagor (insured person) dies. Mortgage protection life insurance coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as the outstanding mortgage debt decreases. Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan. Some people choose instead to buy level term life insurance in the amount of the mortgage, and the benefits are paid to the insured's beneficiary (family member), who in turn can use the proceeds for any reason, including to pay the mortgage.
When you purchase insurance what are you doing?
Protection (term insurance), Accumulation (cash value insurance) and Distribution. You are making sure you protect your investments, family etc... You are making sure you have money to retire in the future with a cash building life insurance such as custom whole life, or whole life.
How do you close or bridge Life insurance protection gap?
By buying adequate insurance protection.
What kinda of insurance protection is set for a period of time?
The Term life insurance is the kind of insurance protection that is set for a period of time.
What type of insurance is also known as ordinary or straight life insurance?
Term life insurance, or otherwise known as pure life insurance protection.
What is the role of LIC in national buildings?
The LIC is the Life Insurance Corporation of India. The role of the LIC in nation building is to spread the message of life insurance in the country. Life insurance mobilizes and promotes saving in the country.
Where could a Canadian purchase life insurance?
Life insurance is an important protection to have. Canadians can purchase life insurance through a local independent broker, or online at LSM Insurance.
What are the advantages of Term life insurance?
Term life insurance is the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget to the maximum number of people.
What are advantages of term life insurance?
Term life insurance is the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget to the maximum number of people.
What is the purpose of mortgage protection life insurance?
The purpose of mortgage protection life insurance is to protect the home from being lost in the event the mortgagee passes away. The life insurance will pay off the balance of the existing mortgage to the finance company.
What happens to your life insurance when you are no longer employed?
If the life insurance was provided by your employer and your employment is terminated, you will lose the life insurance protection. You should look into individual life insurance, which you can take with you if your employment terminates.
What are the main benefits when getting life insurance mortgage protection?
There are many benefits from getting life insurance mortgage protection. When one dies, if he does not have his mortgage paid life insurance would pay it off so his next of kin could keep the house.
Does Globe Life offer life insurance and accident insurance policies?
Yes Globe Life does offer life insurance and accidental insurance. They also offer child insurance and mortgage protection plan insurance. There's even an option for medical supplement income.
What has the author Griffin M Lovelace written?
Griffin M. Lovelace has written: 'Life insurance fundamentals' -- subject(s): Insurance, Life, Life Insurance 'The house of protection' -- subject(s): Accessible book, Life Insurance
