What is Life Insurance for a Mortgage?

 Life insurance for a mortgage is a life insurance policy used to provide protection for your family in case you die before your home mortgage loan is fully repaid.

You can purchase a term life insurance policy that will provide your loved ones with the money necessary to pay off the remaining balance owed on your mortgage should you die.

You can select a term life policy in the amount you currently owe on your mortgage.

In addition, make sure you select a policy "Term" (duration of coverage) that matches the length of time your mortgage will last.

Also, select the beneficiary you wish to receive the proceeds from your life insurance policy upon your passing.

Your beneficiary can use the proceeds to pay off the mortgage loan so your family can remain in the home they shared with you.

Learn more about life insurance for a mortgage.

Can You Get Life Insurance on Someone You Don’t Know?

No, you can't buy life insurance on someone you don't know.

 

In order to purchase life insurance on another person you need an Insurable Interest in that person, and you would need their consent - permission to get the insurance.

 

Usually, the insurance company would require the signature on the application for life insurance coverage of the person you wish to insure for life insurance. 

 

That person would need to sign the application for life insurance coverage, which would verify that the person is aware of the life insurance coverage.

To learn more, here's a helpful article for your review: "Can You Get Life Insurance on Someone You Don't Know?"

 

How Much Does Senior Life Insurance Cost?

The price you pay monthly or annually for a senior life insurance policy will be based on the rate you are charged per $1,000 of life insurance multiplied by the amount of life insurance you need.

You rate is determined by considering your age, gender, health, and other risk factors that impact your longevity - how long you are expected to live.

The younger and healthier you are, the lower your rate for life insurance.

You can compare pricing for senior life insurance policies online by requesting a free life insurance quote comparison from a life insurance website.

Receiving your free life insurance quotes online are quick and easy to do.

Find out how much senior life insurance costs. 

How to Get Term Life Quotes?

 If you're shopping for affordable life insurance online, you'll find it's quick and easy to compare the best pricing available.

All you have to do is visit a life insurance website, fill out a quote request form, and you'll instantly see the lowest prices offered by a network of leading life insurance carriers on your screen.

Some life insurance providers even allow you to apply online for your life insurance policy in just minutes.

Here's how to get term life quotes.

 

What is Basic Term Life Insurance?

Basic Life Insurance means life insurance provided to an Eligible Employee under a plan sponsored by the employee’s Company equal to 1 (or 1.5) times the employee’s "Base Pay" as defined under the life insurance plan in which the Eligible Employee participates.

Usually, any employee may participate in the group employer provided life insurance plan.

And, individual employees may be able to purchase additional increments of life insurance out of their own pocket, if they need more coverage.

Learn more about how basic term life insurance works.

Definition of Term Insurance

 What is term insurance and how does it work?

Term insurance is temporary life insurance lasting for a specific period of time, usually up to 30 years.

Many insurers offer term life insurance plans for a duration of 10, 15, 20, 25 or 30 years of protection.

If the insured person dies during the policy term, the death benefit is paid out to the beneficiary of the life insurance policy.

If there insured person is alive when the policy term expires, there is no payout of any benefits, and the coverage ends.

Term insurance is the cheapest type of life insurance you can buy for a period of 30 years or less.

 

Is there Life Insurance for People in Poor Health?

 If you are in poor health and in need of life insurance, you may want to learn about life insurance with guaranteed approval.

Guaranteed issue life insurance guarantees your ability to get insured for life insurance, even if you have pre-existing health problems, or have been denied life insurance form other insurers.

People between the ages of 45 to 85 may purchase guaranteed acceptance life insurance coverage with no health exam required, and no health questions asked.

Here's how to buy life insurance for people in poor health.

What is Level Term Life Insurance?

 Level term life insurance is a type of term life policy that offers competitive pricing with rates guaranteed remain level for the entire duration of your life insurance policy.

In addition, the amount of life insurance provided by your level term policy remains level for the entire policy term.

Level term life is the most popular type of term plan and offers the lowest rates for life insurance coverage.

These level term plans provide coverage for a duration of 10, 15, 20, 25 or 30 years.

Learn more about how level term life insurance works.