Return of Premium Term Life

Mortgage Life Insurance With Return of Premium

What is Mortgage Life Insurance? Mortgage Insurance or Mortgage Life is simply a term life policy that has been designed for homeowners. It is usually marketed to new homeowners, or those who have refinanced recently. By recently, it usually means within the last year or so, though some of these products can be purchase by those with older mortgages.

It is usually designed to have a term of years that closely matches the length of the mortgage, in increments of 10, 15, 20, or 30 years. The face value of the insurance policy will usually start at the amount of the loan, though most companies will allow a range of face values. For instance, if a spouse has income, a family may not need to the entire amount of the face value to protect itself. On the other hand, if the family has high expenses, they may desire a higher face value than just the amount of the mortgage.

No Medical Exam Life

Mortgage Life is often sold with a promise that the applicant will not need a medical exam. This sounds good, but health questions must still be answered on a detailed life insurance application. So it won't give health insurance to those with serious health conditions. However, for people with minor health issues, it may speed up the underwriting process. In fact, underwriting is often based on credit, and the fact that the applicant has just qualified for a new mortgage, eases that requirement, so some health requirements may be relaxed.

In any case, for busy people, this really speeds up the life insurance application process! It takes time for medical exam information to get returned to a life insurance policy, and for that information to get processed by a life insurance underwriter.

Return Of Premium or ROP

The Return of Premium Feature is called a rider. It will cost more than the base policy, but it provides an attractive benefit! If the insured person survives the policy, they will get the whole value of the premiums paid back. For a policy term that lasts decades, those monthly premiums can really add up! This is a great way to buy insurance, plus get back a nice check just in time for retirement!

Would you like to know how much a policy will cost you?

You can quote no medical life insurance with our online forms.

We would also like to share more about Return of Premium Term Life too.

Article Source: Insurance Articles


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Save Money On Life Insurance

Saving on Life Insurance: Comparing Quotes and More

Life insurance isn’t a fun topic to discuss, nor is it a particularly exciting purchase to make. Most of us would rather spend our hard-earned dollars on fun things like cars, home improvements, and vacations.

But as it happens, life insurance is a necessary purchase for most of us. So to help you maximize your life insurance coverage while minimizing your premium dollars, here are four tips to help you save money—so you can spend it on the fun things in life.

Tip #1: Shop Around

Life insurance policies aren’t one-size-fits-all. And while comparing life insurance quotes may seem like more work that it’s worth, web sites like this one make it easy to compare free life insurance quotes—and let local agents compete for your business. Also make sure you know what type of life insurance is best for you -- Term Life Insurance vs. Whole Life vs. Universal Life Insurance.

Tip #2: Ask about Discounts

Many insurance companies offer discounts to policyholders if they hold additional policies through the same company (like home or health insurance, for example), as well as for non-smokers. Be sure to ask your agent about discounts up front so you can score a comprehensive policy for a good price.

Tip #3: Make Healthy Choices

Some days it’s hard to get on the treadmill or eat that salad. But more and more insurers are using Body Mass Index (BMI)—a measure of fat based on height and weight—to determine premiums for life and health insurance. Smokers also pay more for life insurance.

So if you’re having trouble finding the motivation to shed a few pounds or kick smoking for good, extra cash in your wallet should provide some incentive!

Tip #4: Buy from Reputable Companies

Remember that not all life insurance carriers are created equal. In addition to shopping online, the web has also made it easier to do a little homework on prospective insurers. You can visit the Better Business Bureau and AM Best online to learn about your insurer’s financial solidity and customer satisfaction rating.

Your state department of insurance is another resource that often goes untapped by consumers. You should give them all call or visit them online to make sure your prospective agent is licensed to sell life insurance in your state—before you buy a policy.

Go Forth and Save!

Life insurance may not the most glamorous purchase you’ll ever make, but it’s an essential step in protecting the livelihood of your family. Keep these tips in mind as you shop for a life insurance policy to ensure that you find the best policy for a price that fits your budget. And, if you’re ready to begin shopping for quotes, you can start your search right here!

Decreasing Term Life Insurance for Mortgage and Life Coverage

Decreasing Term Life Insurance for mortgages is used because the face value of coverage goes down as the mortgage balance declines. Consider a $100,000 mortgage. A consumer might select a $100,000 face value term policy with a decreasing term.

The premiums will be cheaper on decreasing term life insurance than on level term because the insurance company is not risking the whole amount of the face value for the whole time. Many people choose this for mortgage life insurance or for insurance when they will have declining needs over time.