Term life insurance? No it isn’t and the differences between the two can help you decide which insurance product is right for you. Mortgage life insurance, frequently offered at closing and age restricted pays off your mortgage if you should die prior to completing the mortgage’s term. It also in many cases will pay if you are disabled or terminally ill.
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Yes, keep your family safe and in their home even if you are no longer able to work or upon your death. Attractive protection for those who otherwise might not qualify for a similar amount of term or life insurance because of occupation or previous health habits or conditions.
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Mortgage term life insurance has many benefits up front in terms of the ease with which it is obtained. It is flexible paying upon death, disability or during a terminal illness but it does not provide any flexibility for the survivors.
Term life insurance, the other product mentioned provides that. It is harder to obtain requiring some form of health screening, may penalize or deny the applicant who has unhealthy habits, a previous health issue or a high risk occupation, and it does only pay upon death.
The major difference is that given a like amount of term insurance the face value does not decrease and survivors may use the money as they see fit. Allowing them cash for final expenses, money for other necessities and money to continue to pay the mortgage. Contact an agent here at AutoDriver to discuss what is right for you!
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It generally requires no physical and is not restricted due to occupation. Term life insurance, a similar product in some ways, has more stringent requirements. Term life generally has a physical or blood test and can be denied or have a higher premium because of unhealthy habits like smoking, heart condition or cancer or when the applicant is in certain high risk occupations. Term life only will pay the face amount of the policy in the event of death while a mortgage insurance policy will also pay off the mortgage if the policyholder becomes disabled and can no longer work or becomes terminally ill.
Mortgage term life insurance is easier to obtain and it does pay not only upon death, but also for disability and terminal illness. No physicals, blood tests, unhealthy habits, previous conditions or occupations will generally affect insurability. Sooo… what’s the downside? The premiums are fixed and even though the payout gets reduced as your mortgage is retired you will pay the same the final month of your mortgage as you paid the first month. The policy will pay off your house and you will provide your family with a fully paid for home.
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