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How Are Life Insurance Premiums Decided?
When a life insurance company decides to insure you, they have to make sure it is a profitable transaction for them. There are a number of things that are taken into account to decide an individual’s premiums. These are age, gender, state of...Read More

Key Person Life Insurance
Small businesses help keep our country going. But a small business needs help to keep going after the loss of someone vital to the company. There are options available you need to know about. KEY PERSON IS ANYONE WHO IS IMPORTANT In small to...Read More

Life Insurance Beneficiaries
Naming a beneficiary for your life insurance policy can be a difficult decision to make, not to mention a tricky procedure. A person needs to research the different types of beneficiaries and the different ways to go. In naming a life insurance...Read More

So What's Life Insurance All About?
LIFE ASSURANCE Life insurance (also called Life Assurance) is a way of financially protecting your family should you die. The most frequent reasons people take out life cover are to pay off debts upon their death - such as a mortgage - or to...Read More

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Is Mortgage Life Insurance A Good Buy?

Buying a house is one of the most expensive things most people will ever do. With the average home in the United States now costing more than $200,000, it will take a half a million dollars to buy it outright once the interest on the loan is taken into consideration and for most people, thirty years of hard work. But what if something happens to you during the life of your mortgage? What will happen to your family if you should die before the house is paid off? Will they have a place to live?

One solution to this scenario, called mortgage life insurance, is offered by most lending companies. This is an insurance policy that the buyer purchases along with the loan; the premium is added to the monthly house payment. Should the buyer die or become disabled, the home loan will be paid off.

This may sound like a good idea. Should you buy it?

That depends. The idea is certainly a good one; no one wants their family to become homeless in the event of an untimely death. On the other hand, such a policy is rather limited. It does one thing only - it pays off the mortgage. A better alternative might be a term life insurance policy, which would simply pay cash to a designated beneficiary. He or she could then use it to pay off the mortgage or they could use if for other needs. This might offer greater flexibility than would mortgage insurance.

Term life insurance might be cheaper, as well. This will depend on the age and health of the applicant. For someone under 40 in good health, term insurance might be a great deal cheaper. For someone older, someone with poor health, or someone who smokes, the mortgage insurance might be a better deal, as premiums for life insurance can increase dramatically under those circumstances. Most people who wish to protect their assets would probably be best served by a term life insurance policy, anyone who has any questions about it should probably consult with both their insurance agent and a representative from their mortgage company.

About the Author :

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.homeequityhelp.net, a site devoted to information regarding home equity lending. Source: www.isnare.com

Written by: Charles Essmeier

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10 Key Reasons Why A Person Needs Life Insurance
Insurance is designed to protect a person and the family from disasters and financial burdens. There are many kinds of insurance of which, the basic and most important is considered to be life insurance. It provides for the dependants after your...Read More

Life Insurance Company Ratings
Life Insurance is a booming business. The first insurance company in America was formed in 1732 in Charleston, South Carolina. This company only provided fire insurance. Today, more than one hundred and fifty companies offer life insurance of...Read More

Life Insurance - How Much Do You Need?
Insurance is the means that an individual or a family can use in order to help them prepare against the emergencies of life. Life insurance is the form of this preparation that helps in the worst emergency – the death of a loved one. This could be...Read More

Life Insurance Settlement
A new financial tool is now available for senior citizens. Life Insurance Settlements are quickly becoming a way for seniors to receive money from an under performing or costly life insurance policy. A life insurance settlement is the sale of a...Read More

Term Life Insurance: 3 Unique Reasons For Coverage
Term life insurance is an insurance policy that will give a lump sum payment to beneficiaries upon the death of the policy holder. While most people cringe at the bare mention of life insurance there are many important reasons why coverage should...Read More

Affordable Term Life Insurance Quotes
Many consumers often turn to term life insurance policies to provide coverage for their immediate life insurance needs. That is why a lot of Web sites now offer life insurance quotes to help consumers arrive at a wise purchasing decision. So, if...Read More

Discount Life Insurance Will Give You The Best Protection You Need
There is always a chance that there is a better deal somewhere else, no matter what you are buying. That is why you should research and find discount life insurance. Did you know that life insurance rates can vary as much as 50% between carriers?...Read More

Life Insurance Equals Peace Of Mind
No one likes to think about the consequences of death and its affects on those that we leave behind. It is however an indisputable fact that sooner or later we will all shuffle off our mortal coils, often without warning. When that time comes a ...Read More

Life Insurance – Why Your Policy Should Be Written In Trust
One of the UK's biggest life insurance companies recently pointed out that only 1% of life insurance policies are written in trust. This should not be the case – and in this article we explain why. By having your policy “Written in Trust”, it...Read More

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