Finance Articles

Mortgage Protection Insurance Or Straight Term Life, Which Is Best For You!

Regardless of how careful you try to be, life is full of the unexpected. That is why mortgage protection and life insurance is all about the certainty of planning for the uncertain. It?s not uncommon for life insurance to also be referred to as mortgage protection insurance, since most people equate buying life insurance with the need to pay off large debts. Both forms of insurance are created for the protection of your family and/or dependents and both provide peace of mind for you, knowing that their lifestyle can continue without additional difficulties. While the coverage is similar, there are some differences in the design of these life Insurance programs as well as how they should be used.

Mortgage Protection is a specialty type of life insurance usually offered to consumers who have recently purchased or refinanced a home mortgage, generally within the last 12-18 months. Various life events will typically create the necessity for this type of product and since a home is one of the largest investments most families will ever make, carriers have created forms of life insurance designed to cover those needs most relevant to homeownership. Please, do not confuse this with primary mortgage insurance (PMI) which is placed by a lender to protect them in the event that you default on your loan. This mortgage protection is much different and is for the benefit of you and your loved ones.

Mortgage Protection is a simplified issue life insurance policy in which insurance carriers offer an expedited underwriting process that does not require a medical exam. The death benefits are payable up to 125% of the mortgage balance or a maximum of $250,000. Typically, all that is required is a few medical history questions and, in some instances, a blood and vitals check in your own home by a registered nurse. Mortgage Protection is an easy and affordable solution for young, healthy families and those who have minor health issues that are managed by oral medication. Even casual tobacco users can benefit from such an option since under most circumstances they could be charged more for fully underwritten products.

Interestingly, these policies can offer many additional rider options, some of which are specific to the mortgage. One such option is a Mortgage Payment Rider which will pay all or part of your mortgage payment for up to 24 months after a 90 day waiting period if you are injured or seriously ill and unable to pay. The most popular rider is the Return of Premium Rider which is a living benefit that repays you the entire total of premium you have paid over the term of the policy. Considering that most term policies run 15, 20, or 30 years like the mortgage, a return of $30,000 is not uncommon and is also an effective tool for paying off or down on the mortgage principal balance or to purchase an insurance product by paying in full.

Straight Term Life Insurance is the least expensive type of coverage and provides protection for those value minded consumers for periods of 10-30 years. Straight Term Life can provide the most coverage with a guaranteed premium for the length of the term. While these polices can be more affordable for very healthy consumers, more in depth medical underwriting will be required for polices over $250,000. Also, individuals will fall into specific premium risk classes based on age and health status, which may be beneficial for older healthy individuals and those who need higher amounts of coverage.

As you can see there is a wide range of options available to you. These days you can run instant online quotes directly from the internet. However, what type of policy is right for you depend on many factors, and your insurance advisor can assist you in determining which policies are most beneficial for your situation.

Chris Beard is the president of Trinty 1 Financial Group and works one on one with clients with planning mortgage and insurance stategies visit his site on the web at http://www.iquotelife.net http://www.trinity1financialgroup.com

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Newly Launched Mortgage Relief Formula Helps Homeowners Stop Foreclosure, Lower Payments Without Getting New Loans...Even Sell Their House in Nine Day
More homeowners are turning to the newly launched Mortgage Relief Formula for do-it-yourself secrets of stopping foreclosure and getting out of crushing mortgage debt. New Mortgage Relief Formula home study course reveals secrets of how to get mortgage lenders to lower their payments without refinancing. Homeowners learn how to sell their own house in days, without a broker, and how to sell when they owe more than their house is worth.

Save Money on Your Mortgage
You should say goodbye to PMI. You may not notice it in the crush of your monthly mortgage statement, but many Americans pay for a line item called PMI.

Reasons Why Your Mortgage Loan Application Was Denied
When your mortgage loan application was denied, it results to frustration, disappointment and at times, humiliation. However, when you are determined, this should not be a reason to give up. Instead, devote yourself in correcting the problems that might have caused the denial of your mortgage loan application.

The Truth About Shopping for Mortgage Rates
With so much lender advertising focusing just on rates, you may not be aware of the importance in choosing an experienced, reliable loan professional who can match you with the appropriate loan program. Good loan officers and mortgage brokers may quote today's rate when asked, but they will quickly add they need to know more about you to determine the best program for your individual situation.

Seisma Oil Research LLC Now Banking with JP Morgan Chase
As of, October 4, 2007 Seisma Oil Research, LLC is now banking with JPMorgan Chase. JPMorgan Chase is one of the most respected and mature financial services firms globally.

Keep Your Eye Focused on Treasury Bond Rates To Adjust Your Current Mortgage Rates
Mortgage rates typically are based off the current rates of treasury bonds. Most lenders set their long term mortgage rates in line with 10 and 30-year treasury rates.

FundsXpress Delivers Consumer and Business Internet Banking and Bill Payment Solutions to Pinnacle Financial Partners
FundsXpress Financial Network Inc., a premier provider of online financial services, recently began delivering consumer and business online banking and online bill payment solutions to Pinnacle Financial Partners. With more than $2.1 billion in assets and more than 30,000 clients, Pinnacle is the largest financial services firm headquartered in Nashville and the third largest bank holding company in Tennessee.

Getting The Best Mortgage Rates When Buying A Home
When is the best time to buy a home and get the best home loan equity mortgage rates? Now is! As more people in fear of the possibilities of foreclosure sell there homes, supply increases while demand is low. This means great things for you to buy a home.

How You Can Get The Government To Help You Pay Your Mortgage And Avoid Foreclosure
Approximately 22 million Americans have an adjustable-rate mortgage (ARM) that is due to adjust this year

Refinance.com Announces New Higher Mortgage Loan Limits up to $729,750
Refinance.com, the nation's premier source for residential mortgage refinancing, has announced new higher mortgage loan limits up to $729,750 for a single family home, stated Nicholas Bratsafolis, chairman and CEO of Refinance.com. The company is taking the lead nationally in refinancing for homeowners by immediately adopting the new conforming and FHA loan limits and is accepting mortgage refinance applications up to these new limits immediately.

Finance Your Small Business: So Much Money, So Little Time
$37.4 million funded from venture capital today.

Paid Surveys Minus An Emotional Investment
Ben is a guy that uses his voice as a tool. He has clients around the world that will pay him to use his voice for audio advertising, podcasts or even to read books. Needless to say, Ben keeps pretty busy.

Americas Watchdog Warns Pension Funds, Investors and Pension Fund Advisers Its Time to Find Out if Your Mortgage Backed Security Portfolio is a Tickin
Americas Watchdog's has been warning about the collapse of the US real estate market & the dire consequences that would be faced by pension funds & investors, since early 2005. This all begs the question where was the integrity on the part of banks or investment bankers when selling the garbage mortgage backed security, and where was the due diligence on the part of the banks & investment bankers who sold mortgage backed security portfolios? Americas Watchdog says there was no due diligence; just greed. As a result Americas Watchdog is offering pension funds or MBS investors an audit that will define potential for failure for the portfolio, and show the investor/pension fund where they were sold a bill of goods by the bank or investment ban...

NAMP Views FHA's Energy Efficient Mortgage (EEM) Program as Providing Energy Savings and Relief for Homebuyers
As utility rates rise, homebuyers can improve their mortgage options by incorporating energy-efficiency features into their FHA-insured home purchase or refinancing. FHA seeks to make EEMs more widely used to aid homeowners and homebuyers. Mortgage professionals can learn more through NAMP and FHA Online University's offered courses.