Showing Tag: "insurance" (Show all posts)

Why Purchase Mortgage Life Insurance: Protecting Your Family and Home?

Posted by hadley hadley on Saturday, October 28, 2023, In : Mortgage Life Insurance 
When it comes to taking care of your loved ones and your home, there's one important consideration that often gets overlooked: mortgage life insurance. If you're not sure what it is or why you should consider it, you're in the right place. In this blog post, we'll break down why purchasing mortgage life insurance can be a wise decision, even if you're new to the world of insurance.

What Is Mortgage Life Insurance?

Before we dive into why you should get mortgage life insurance, let's clarify wha...


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Is Mortgage Term Life Insurance a Good Idea?

Posted by hadley hadley on Wednesday, December 14, 2016, In : Mortgage Life Insurance 

Mortgage loan companies usually offer their clients the option to buy mortgage decreasing term life insurance which guarantees that your mortgage will be paid off in the event of your premature death.

Although the idea behind it sounds good, purchasing mortgage term life insurance is usually not recommended, unless you are in extremely poor health and cannot qualify for life insurance coverage elsewhere. 

Who will benefit from mortgage term life insurance?

Mortgage term life insurance can be th...


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Mortgage Term Life Insurance Simplified Issue?

Posted by hadley hadley on Monday, November 30, 2015, In : Mortgage Life Insurance 
Is there any simplified issue mortgage term life insurance available?

Yes, there are simplified issue term life plans that offer coverage up to 30 years to provide protection to help pay off your home mortgage loan.

Most mortgage term life policies offer coverage for a period of 10, 15, 20 or 30 years. So, if you have a 15 or 30 year mortgage, a simplified issue term life policy can help you accomplish your goal.

For example, one carrier offers up to $350,000 of simplified issue life insurance f...
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Is Life Insurance Needed For A Mortgage?

Posted by hadley hadley on Saturday, September 28, 2013, In : Mortgage Life Insurance 

Life insurance is usually not required when getting a mortgage loan on your home unless the down payment is very low, for example, 5% or less.

Then, the borrower is required to buy a type of insurance called "PMI", or Private Mortgage Insurance. This insurance coverage would pay the lender what is owed to them from the outstanding unpaid balance on the mortgage loan in the event of the mortgage borrower's death.

However, many people do use regular term life insurance to prote...


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Why Do I Need Life Insurance With A Mortgage?

Posted by hadley hadley on Monday, September 23, 2013, In : Mortgage Life Insurance 

You may or may not need life insurance with a mortgage.

Your lender may require you to carry mortgage insurance if you are making a low down payment on your home. Mortgage insurance names the lender as beneficiary and the death benefit goes to the lender to pay off your mortgage loan upon your death.

However, you may want to consider mortgage term life insurance if you own a home with a mortgage. Mortgage term life allows you to name your spouse, or anyone you choose, to be...


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Mortgage Insurance No Physical Exam

Posted by hadley hadley on Tuesday, September 4, 2012, In : Mortgage Life Insurance 
Are you looking for mortgage life insurance but you don't want the hassles or delays of taking a physical?

If so, you now have another option, there is mortgage life insurance available with no health exam needed. However, there are some health questions for you to answer when you apply for your policy.

But, if you qualify, you may be able to purchase up to $500,000 of mortgage term life insurance without having to take any physical examination. And, if approved, you may be able to start your m...
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Mortgage Life Insurance

Posted by hadley hadley on Saturday, August 11, 2012, In : Mortgage Life Insurance 
What is mortgage life insurance?

Mortgage life insurance is a type of term life insurance that provides money for your surviving family members to pay off your home mortgage loan in case you die.

Mortgage term life insurance can last for a period of 15, 20, 25, or 30 years. You choose a term for your life insurance to provide coverage for a period of time that matches your mortgage loan.

If you die during the term of your mortgage life insurance policy your spouse (beneficiary) will receive the ...
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