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Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

Yes, the purchase of a new mortgage protection term insurance policy is usually not required by the lender. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured's death. Credit life insurance is frequently recommended in [...]

By |2018-04-22T17:30:36-04:00April 22nd, 2018||0 Comments

How does mortgage protection term insurance differ from other types of term life insurance?

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium [...]

By |2018-04-22T17:30:12-04:00April 22nd, 2018||0 Comments

Should term insurance or cash value life insurance be purchased?

Although a difficult question--one whose answer will vary depending on circumstances--several principles should be followed in addressing this issue. It must first be recognized that in any life insurance purchasing decision, there are at least two basic questions that must be answered: "How much life insurance should I buy?" and "What type of life insurance [...]

By |2018-04-22T17:29:43-04:00April 22nd, 2018||0 Comments

What about purchasing life insurance on a spouse and on children?

In certain circumstances, it may be advisable to purchase life insurance on children; generally, however, such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). It is of utmost importance that the income earning capacity of the primary breadwinner be fully protected, if possible, through the [...]

By |2018-04-22T17:29:17-04:00April 22nd, 2018||0 Comments

How much life insurance should an individual own?

Rough "rules of thumb" suggest an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account in determining a more precise estimate of the amount of life insurance needed. Important factors include: Income sources (and amounts) other than salary/earnings Whether or not the individual is [...]

By |2018-04-22T17:28:20-04:00April 22nd, 2018||0 Comments