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| THINGS TO KNOW… | |
| Remember that most mortgage insurance plans offer options to not only pay your mortgage off in the event of a death, but also to help pay your mortgage in the event that you become disabled or critically ill, and can even pay your premiums if you become unemployed. Also, mortgage protection plans up to $400,000 usually do not require any type of medical examination. Life insurance is coverage in the event of death only and requires a para-medical exam (paid for by the insurance co.) for approval. Typically, financial advisors advise between 10 and 15 times your annual income as a coverage amount, but for younger couples it is wise to carry more. Both mortgage insurance and life insurance often offer the option of the Return of Premium Rider in which all money paid into the plan will be returned at the end of the term period, tax free, assuming you are still alive. |
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| **Return of premium rider returns 100% of the premiums paid after the initial term period of the policy. If coverage is cancelled sooner the return will be pro-rated beginning in the 6th year. If applicant dies before initial term period expires only the death benefit will be paid. *Immediate Coverage represents the conditional coverage that some life insurer's will grant to you once all conditions of the application process are met. It assumes that you would have qualified for the rate you are applying for but is still subject to review by the underwriting department of the insurance carrier. Not every applicant will qualify. There are questions on the no medical life insurance application, which must be answered to the satisfaction of the insurer. Conditional coverage will be immediate to those applicants who qualify and when initial premium is processed and applied. No medical life insurance is different than guaranteed issue life insurance. Guaranteed issue life insurance provides very small coverage amounts and has limitation in the first 2 years of a policy (does not pay). The cost per thousand of this coverage is very expensive and the benefit amount is extremely limited. While this may be the only option for older unhealthy applicants it usually not our recommendation to apply for this type of coverage unless no other options exist. |
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