What Is Term Life Insurance?
Term life insurance is an affordable, dependable type of life insurance that’s a great fit for most people. If you have a mortgage or carry debt, term life insurance ensures that your loved ones aren’t left with this burden when you’re gone.. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate. At Legacy Group, you can secure a policy 100% online, no exam, no needles and your policy will be activated and in your inbox in minutes.
What is Mortgage Protection?
Mortgage protection is an affordable type of term life insurance that is designed specifically for homeowners. Chances are you probably have homeowner’s insurance to cover any accidents that happen on your property or damage due to water or flooding. While homeowner’s insurance is usually required when purchasing a home, this insurance only protects the home itself, NOT YOU. Mortgage protection insurance is a life insurance policy that will step in and cover your mortgage balance if you are unable to pay the bills when the unthinkable will happen.
When should I buy term life insurance?
None of us can know when we’ll pass away or when our health situation may change for the worse. For the best rate, it makes sense to apply for term life insurance online today.
Do I qualify for term life insurance?
Most people who are in good health will qualify for coverage. However, you may still qualify for term life insurance even if you have an existing health condition, such as diabetes or high blood pressure. (though your premium may be higher). See if you qualify today.
How much life insurance coverage
do I need?
Everyone has different insurance coverage needs. To help determine how much coverage is right for you and your family, connect with a Legacy insurance agent to ensure you are securing the right amount of coverage for your family.
What policy lengths can I choose from?
Term life insurance can last anywhere from five years to 30 years. Within this, you can adjust policy length in five-year increments to best fit your needs. Keep in mind that a longer term length will generally be more expensive – as the insurance company’s risk increases with over time (i.e. their risk of having to pay policy benefits increases with age).
What does Mortgage Insurance Cover?
If you pass away during the time your policy is “in-force,” the insurance company will cover the remainder of your mortgage payments until your home is paid off. This can provide a huge relief to your loved ones, as your family will be able to stay in their home and not have to worry about keeping up with the bills. You can also purchase riders for your policy, which would offer additional coverage in the even that you become critically ill or disabled and cannot work.
Is mortgage protection worth it?
For many people, this type of insurance is a better fit than a standard term or permanent life insurance policy due to its affordability. If you are a homeowner, mortgage protection is the simple solution to ensure your loved ones can stay in the family home if something happened to you. Find out how much this coverage will cost to protect your mortgage,.