Protecting Your Mortgage With Term Life Insurance
The death of a loved one is the worst tragedy a family can endure. The financial hardship that follows can make the burden seem intolerable. If your family depends on your income and you pass away, would they be able to make ends meet? More importantly, how would your family cover mortgage costs?
Protecting your mortgage with term life insurance can give your loved ones the financial support they'll need in the event of a tragedy.
What is Term Life Insurance?
Term life insurance is one of the most affordable ways to obtain life insurance coverage. It provides protection for a limited period of time, or "term." After the term, the insured can opt to drop or continue the coverage. Policies are available for short or fixed terms, generally from one to 30 years.
Protect Your Mortgage With Term Life Insurance
If you're planning on purchasing a home or refinancing your existing mortgage, consider protecting your mortgage with term life insurance. Life insurance is never an enjoyable topic, but if you're unsure about purchasing term life insurance, ask yourself this question: Could your family make mortgage payments without you?
In the event of your death, term life insurance could be used to pay off your mortgage, funeral costs, credit card bills, childcare, college tuition and other expenses. It can also serve as a form of income replacement to help your family pay the bills and maintain the same standard of living.
Do I Need Term Life Insurance to Protect My Mortgage?
If you have loved ones relying on your income to pay the bills, you need life insurance. Life insurance provides financial protection to your loved ones in the event of your passing. It can help pay for your final expenses as well as other expenses you have accumulated. If you were to pass away today, would your family be financially stable tomorrow?
How do I qualify for Term Life Insurance?
Every life insurance company sets standards that must be met in order to qualify for a life insurance policy whether it is a no physical life insurance policy or a policy for which you need a physical. In recent years life insurance companies have extended the requirements which would qualify the applicant for a life insurance policy making no physical life insurance programs more affordable, easier to obtain and more attractive for consumers to purchase. Quality term life insurance is available from safe, secure insurers rated "A" excellent or better by A.M. Best for financial strength.
There are a few things to know about no physical term life insurance. If you are between ages of 18 and 65 and in good health you are likely to qualify for a no physical term life insurance policy. All that is required is that you answer a few questions about your medical history, your occupation and any avocation in which you may participate. It may seem that the life insurance company is issuing a policy based on your word. This is true for the people who answer the questions accurately. There are those who may think that they can exclude pertinent medical information and have a policy issued. This is not likely to happen.
We help our clients become more informed consumers and guide them thru the daunting task of choosing the right insurance to meet their needs.
