Category Archives: Insurance

Mortgage Protection with Term Insurance

For most people, obtaining the American dream is achieved by buying a home and getting into debt for the next fifteen or thirty years. You’ll spend a substantial portion of your savings for the necessary down payment, leap through all themortgage protection plan hoops mandated by your lender, spend numerous hours searching the marketplace, all to get to that marvelous day. You have made it, and it feels great! What about mortgage protection?

After moving in and making the house your home, you start to encounter some uneasiness while making an attempt to get some sleep. Your brain starts running the “what if” scenarios and you start to stress about what would occur if you died unexpectedly. How might your lovely wife make that huge mortgage payment without having your portion of the household income?

The first step you take the next morning is to contact your insurance professional and run this predicament by him. He points out that the life insurance you have at your workplace is not enough to take care of repaying your mortgage and suggests you start thinking about Mortgage Protection Insurance.

Mortgage Protection Insurance

Mortgage Protection Insurance is a straightforward and inexpensive concept. It includes buying a term life insurance policy in the amount of your home mortgage balance so that if you might die suddenly, your surviving loved ones will have the money required to pay off the mortgage on their home. Term insurance is the most reasonably priced way to monetarily protect your loved ones and make sure they can stay in the family home.

You can buy a 30-year insurance policy to cover a 30-year home loan or a 20-year policy to cover a 15-year home loan. In every single case, your insurance protection is not decreased even though your mortgage is reduced. This ensures that there will be adequate funds available no matter when you die during the policy period.

When your coverage runs out after 20 or 30 years, your home loan will be settled but you can renew the coverage without being required to prove you are still in good health, or you can convert the insurance policy to a permanent insurance policy and then have insurance coverage for your lifetime.

What about Your Spouse’s Income?

Knowing that most families rely on combined incomes to meet expenditures, you can include your spouse on your policy using the Additional Insured Rider. That way if either of you dies out of the blue, the remaining spouse will be in a position to pay off the outstanding balance and remain in the family home.

Other Riders That You Should Consider

One of the awesome options about term life insurance is that there are a number of riders that you can add to the policy to expand your coverage. Utilizing riders will change your insurance coverage to more than just a death benefit.

Return of Premium Rider – having the return of premium rider will provide for all insurance premiums paid into the policy to be returned to you in one lump-sum payment if you live longer than your policy term. Even though the rider costs about 20 to 40 percent extra premium, it is a reasonable manner for your family to help save for retirement while insuring against your unforeseen death. The added cost of the rider for young adults has a minor effect on the month to month insurance premium.

Child Term Rider – The child term rider permits you to add all of your current children and all children born or adopted at a later date to the insurance policy for a minimal additional cost. The additional insured rider and the child term rider will enable you to turn your term insurance policy into a family plan.

Accelerated Benefit Rider – The accelerated benefit option is a primary coverage for most term policies however if not, it can usually be added to the policy at no additional charge. This rider provides for the life insurance company to pay out a benefit of up to 75 percent beforehand to a covered person that has been diagnosed with a critical illness. The advance payment enables the insured to take care of final obligations before they pass instead of leaving it to survivors. The total amount paid out will be subtracted from the death benefit due to the beneficiary when the insured person eventually passes away.

Accidental Death Benefit – The accidental death benefit, also often referred to as “double indemnity” allows the insurance company to pay a multiple (typically double) of the face amount if the insured person’s death is the direct result of an accident.

Waiver of Premium – The waiver of premium rider is a form of disability insurance that will pay your policy’s premium as long as the insured person is disabled and is unable to work. The rider typically includes a waiting period, a period of coverage, and the insurer’s definition of disability.

Long-Term Care Rider – The long-term care rider is like the accelerated benefit rider where the insurance company will make an advance payment of the death benefit to the insured if he or she is diagnosed with an affliction that forces them to live the balance of their lives in a nursing facility. The amount that is advanced to the insured will be subtracted from the death benefit when the insured eventually passes.

Additional Insured Rider – This is the rider that will permit you to add your husband or wife to your insurance policy with a death benefit up to the limit of the insurance policy.

The Mortgage Protection Plan

For the majority of borrowers, providing financial security for the family is a substantial concern after putting your signature on the dotted line. There is no more budget-friendly way to financially cover your loved ones than by developing a mortgage protection plan to pay off the home loan on the family home.

Since the death benefit stays level during the term of the insurance policy, but the mortgage is reduced by monthly payments, if you died late in the policy term, your remaining loved ones would have the additional funds necessary for a funeral or other final expenses.

Article source: http://www.lifeinsure.com/mortgage-protection-with-term-insurance/

Can Pets Help You Live Longer?

June is National Adopt-a-Cat Month, making it a great time to reflect on how much happiness our cats—and pets in general—bring to our lives. Indeed, our furry (and feathery…and scaly) friends bring us lots of laugher and joy, but there is something else they may be able to do, too—help us live longer.

Can pets really can lengthen our lives? According to several studies, the answer may be yes.

First of all, it should be noted that many of the studies on this subject are observational studies, as opposed to randomized, double-blind controlled trials. These limitations mean that we can’t be certain that having a pet directlycauses improvements in health. However, there are a number of studies which show thatpet ownership is associated with better health.

Heart health

Pets seem to have an especially strong influence on their humans’ hearts. Compared to those who don’t own dogs, dog owners are much more likely to still be alive one year after a heart attack, regardless of how severe it was. In another study, cat owners had a decreased risk for heart attack, stroke, and cardiovascular disease. According to this study, petting a dog or cat has the ability to lower people’s heart rate and blood pressure.

It’s even been shown that simply having your pet in the room canhave a positive effect. One study found that having one’s dog in the room lowered heart rates under stress more than blood pressure medication.

This research seems to be having an effect. In 2013 the American Heart Association issued a statement saying that owning a pet—a dog in particular—could reduce your risk of heart disease.

Other benefits

In addition to heart health, pets have been shown to have a positive impact on depression, self-esteem,stress, and loneliness. This is especially important for elderly people, and there are many successful pet therapy programs in nursing homes and assisted living facilities in the U.S. Studies have shown that animal-assisted therapy, or AAT, can reduce depression, agitation, and aggression in nursing home patients with dementia, andhelp them participate in social activities.

Pets can have a tangible impact on people’s health and well-being, and even help extend their lives. In this way, it can be said that pets protect us. Another way to protect your family—including your animal family members—is with life insurance. Making the smart decision to purchase life insurance can help payfuneral costs, pay off debts and replace income, and more.

Article source: http://www.lifeinsure.com/can-pets-help-live-longer/

Preparing for Death in the Digital Age

How to Prepare for Death in the Digital Age

Preparing for death means preparing for the inevitable. While the idea of preparing for your own death might send shivers down your spine, it’s important to talk about what will happen when we die. Now that we’re living in the digital age, death is becoming an even more complicated topic. People now have to deal with issues such as online bank accounts, social media profiles, and confidential login credentials when a loved one passes away. All of this comes on top of taking care of medical bills, making funeral arrangements, executing a will, and following a loved one’s final wishes. You can do your loved ones a favor by preparing for your death sooner rather than later. Take a look at all the practical ways to prepare for your eventual death.

 

Designate a Beneficiary

 

As previously mentioned, a loved one’s to-do list can quickly get out of control when someone passes away. As you begin to make arrangements for your death, start by designating someone that you trust as your beneficiary. This person will be in charge of doing most of the heavy lifting when you die. Be prepared to share all of your confidential login information, financial statements, and just about anything else with this person. If anything changes along the way, be sure to keep them in the loop.

 

Keep Your Login Credentials Organized

 

Most of our online profiles and accounts will continue on after we die. You can ask your beneficiary to manage, disable or delete most of those accounts after you die if you give them the corresponding login information. You can make things easier for everyone involved if you start compiling all of your information on spreadsheet or a Google doc. This might include anything from your Facebook logins to a list of credit cards you carry.

 

Purchase Life Insurance

 

As the to-do list continues to grow for your loved ones when you die, life insurance becomes all the more necessary. Taking care of a loved one’s final wishes can easily turn into a full-time job, especially when you start talking about funeral plans. That means more time away from work. Setting up a life insurance policy is a great way to leave something behind for your loved ones. That money can be used for your children’s education, the mortgage on the family house, any outstanding medical bills, funeral expenses and so much more. If your loved ones need to take time off work, they can use the death benefit to keep the lights on while they take care of your last wishes.

 

Premiums increase with age, so now is the time to apply for your life insurance policy. Browse dozens of quotes from top-rated companies at LifeInsure.com.

Article source: http://www.lifeinsure.com/preparing-death-digital-age/

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