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- Helps pay off your mortgage when you die
- You choose the beneficiary
- Portable – follows YOU, not your mortgage
- Coverage and Payment Amounts stay the same
- The Split Plan
- Covering ½ of the Balance with Full Coverage & the other ½ with Accidental Death Coverage
- Mortgage Payment Protection
- Can cover 6, 12, or 24 months or more of mortgage payments
- Provides time and could earn more equity in the home
- Disability
- Unable to work – helps pay some of your mortgage payment
- Return of Premium
- Pays all your premiums back, tax free, if you are alive at the end of the term.
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Term Life Insurance:
Insurance provides pure death protection since it only pays a death benefit if the insured dies during the policy term. Term life insurance does not accrue cash value.
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Whole Life Insurance:
Insurance that provides life insurance protection for the insured's entire life, or until age 100. Whole life insurance provides living benefits. Synonymous with permanent life insurance.
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Variable Life Insurance:
Policies that earn a fluctuating rate of interest and do not guarantee a certain cash value. Policies have fixed level premiums and a guaranteed minimum death benefit.
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Variable Universal Life:
Universal life insurance with a separate account. The variable portion of premiums is invested in the insurer's separate account.
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Universal Life:
Life insurance that allows the policyowner to buy term and invest the difference. Synonymous with unbundled life insurance and flexible premium adjustable life.