Life Insurance Search

Mortgage life insurance is a type of life cover that is designed to pay off the insured person’s mortgage in the event of their death.  Similar to other life insurance covers, the idea of mortgage life cover is to protect the financial well-being of the survivors of the insured person.  The difference in the covers is subtle.  While standard life insurance policies simply pay out a predetermined lump sum, mortgage life protection is typically set up to cover the remaining loan balance on the insured’s home mortgage loan.

Where the amount of mortgage life insurance scales down as the mortgage balance is paid off, this may also be called a decreasing term assurance.    

The ultimate objectives of life mortgage cover are to secure the future of the family left behind by the person covered by the insurance plan. It can certainly bring peace of mind not only to the policyholder, but to their spouse or partner, that they will not lose their home in the event of the insured’s death.  

One of the greatest advantages of mortgage life protection cover is that premiums are often much cheaper and more comparable to other life plans.   

Mortgage life insurance is typically set for a specified term.  Premium costs may adjust over time – you will see the term ‘reviewable’ on your quote if this is the case - and are based on the pay out coverage.  If the premiums will not change over the term of the insurance, then they are ‘guaranteed’.   

People looking for mortgage cover in the event of their death can easily obtain a life insurance quote from an online specialist.  Life insurance quotes require the individual to complete a short questionnaire giving basic information on their health, and the amount of cover needed etc. They will then be presented with a quote that will give them an idea as to the cost.  

Should the individual decide to go ahead with the application, then they will need to complete a full questionnaire – and possibly have a medical examination with their Doctor - so that their life insurance provider can determine how much of a risk they are. Someone with poor health, for example, or a family history of a serious disease, may find that their quote will jump up in price due to the premiums being ‘loaded’ by a percentage of the cost.  

However, online brokers with their knowledge of the individual life insurance providers can often match an applicant to an insurer whose criteria they meet, meaning that the customer may not pay such a high premium due to a medical related problem.   

Finally, life insurance should be considered early in life.  Adults with children need to take advantage of low cost premiums available to the young and healthy.  With mortgage Life insurance cover, the family can have their mortgage taken care in the tragic event of death.  Dealing with loss of a loved one is tough enough for people.  Having the stress of meeting financial obligations can greatly increase the burden.  Family providers can sleep better at night knowing their loved ones are taken care of with just the cost a small premium each month. 

Chris Burns has written this life insurance article.

This article does not represent ‘financial advice’ as each person’s individual requirements will be unique to their own needs. If there is something in the article which you would like to rely on, then please make sure you check those details with the person from whom you purchase any financial product or service.

The views in this article represent those of the author and not those of Netbasic Limited.  

Low cost life insurance is perhaps one of the greatest investments someone can ever make.  Many consumers are scared to think about life cover as an investment because it only pays dividends upon the death of the customer.  This is what makes it an extremely unique product.  Responsible home providers have to understand, though, that life insurance cover is often necessary to sustain their survivors who are reliant on their monthly income support and financial provision.

The most common type of life cover is term life insurance.  This is insurance that is bought with monthly premiums in exchange for a promise of a lump sum payout upon death, during the covered term.  If the covered person dies during the term of the insured period from a covered event, the insurer is responsible for making a lump sum payout of the insurance cover amount to the designated beneficiaries.  It is important for heads of household to discuss with their family how much financial security, or coverage, is needed for financial maintenance.  The good news in today’s competitive insurance market is that cheap premiums are widely available, especially for those that buy early in life and maintain good health.   

The best way to compare life insurance in the internet-driven business environment of today is to go to an insurance specialist website.  From a website, consumers can enter their personal and health data.  Insurance specialists then explore their vast network of service providers and find the best product for a prospect’s specific circumstances.  Factors that affect premiums and benefits of life insurance plans include age, health, life behaviours, and other items that providers use to assess risk of payout.  Generally, the less risk a prospect offers in terms of a death payout, the cheaper the premium rates.   

Premium rates vary for term life cover.  Most people get the best rates when they are young and in good health.  Life insurance quotes should not only lay out initial monthly premiums, but they should also detail what, if any, loadings there are, and how insurance rates are adjusted.  A life insurance quote should also identify the maximum premium rate a customer might pay over the term of the cover.  These details provide the customer with a better ability to assess the benefits of insurance products compared to the costs.   

In order to compare life insurance products, customers need to provide accurate assessments of their health for online questionnaires.  Many products, especially life cover for higher amounts, require up-front health assessments.  Inaccurate data shared can result in inaccurate life insurance quotes. 

Low cost term life insurance often comes with an opportunity for renewal after the initial term.  There are benefits to the provider and insured with a renewal.  The insured can potentially keep life cover until late in life.  The provider can use renewal points as a chance to assess the insured’s current health status and risk factors in order to make rate and term adjustments.  Life insurance cover should be explored by anyone who has loved ones that rely on them financially – that way their financial security in the event of the individual’s death can be guaranteed.

Alan Knight is the author of this life insurance article.   

This article does not represent ‘financial advice’ as everybody's individual requirements will be unique to their own specific needs. If there is something in the article which you decide to rely on, then make sure you check those details with the person from whom you purchase any product or service.

The views in this article represent those of the author and not those of Netbasic Limited.  

When you’re looking for life insurance quotes you’ll be struck by the variety of products on offer and the keen competition in the market place. In order to compare the various forms of life insurance advertised, therefore, it will help to know just what it is you’re looking for, before you home in on the ones that offer the best value for money. 

Varieties of life insurance 

• Level term – this is probably the most popular and common form of life insurance, that guarantees to pay out the same fixed sum at any stage during the term of the life insurance;

• Decreasing term – just as the title suggests, this form of life insurance pays out a decreasing lump sum in the event of your death at any particular stage during the term of the life cover. It is often favoured, therefore, by people who are looking to cover a repayment mortgage, where the outstanding debt is diminishing over time;

• Renewable term – once again, no prizes for guessing that this type of life insurance cover allows the policy holder to renew the cover at the end of one term and renew it on the same basis without the need for any medical examination;

• Convertible term – this kind of life insurance starts out as normal level term insurance, but includes an option for the policy holder also to buy into an investment or endowment form of life insurance known as “whole life” insurance;

• Increasing term – this builds in a type of inflation-proofing by increasing the benefits payable as the term of the insurance progresses over the years;

• Index linked – similarly it is possible to make both premiums and benefits index linked, to forestall changes in the index of retail prices.
  

Comparing life insurance quotes 
Once you’ve decided on the life insurance cover that suits your particular circumstances, you can compare like with like and, so, compare the life insurance products available. At this point it’s important to realise that the market is competitive enough to find effectively the same degree of life cover at different prices – i.e. different monthly premiums. The key here lies in ensuring that you remain an attractive risk to the life insurance company and that you avoid any unnecessary loading or rating. 

What this means is that you remain totally honest and straight forward, of course, but that you avoid ringing certain alarm bells. For example, you’ll want to avoid raising unnecessary concerns about your health and your weight. Weigh yourself when you know the reading’s going to be most favourable, for example. If you participate in any potentially dangerous sports, see if there’s a discount club for those who enjoy the same kind of pastime. Basically, it’s a question of shopping around until you find the insurers that are most comfortable with those who share your own habits, health risks and disposition. What you’re after is the insurer who is least inclined to load or rate your particular lifestyle choices, or personal or family medical history. 

All of these things, of course, affect the bottom line of your choice of life insurance cover; namely, the price! To know what to look for in your life insurance quotes: 

• First decide on the type of life insurance cover that best suits you;

• Think about the purposes for which you’re seeking life cover;

• Compare like cover with like cover;

• Avoid unnecessary loadings or ratings; and

• Identify the most competitive premium prices.

The author of this life insurance article is Alan Knight.   

This life insurance article does not represent ‘financial advice’ as everybody's individual requirements will be unique to their specific needs. If there is something in this article which you want to rely on, do make sure you check those details with the person from whom you obtain a financial service.

The views in this article represent those of the author and not those of Netbasic Limited.