Mortgage Life Insurance
A mortgage is one of the types of Term life insurance obtained by borrowers of a home mortgage. Mortgage life insurance can take by the owner of the property who has taken out a mortgage on the property. Mortgage life insurance pays the mortgage upon the death of the mortgagor/owner.
It gives peace of mind by ensuring full payment of your mortgage in case of terminal illness or death. The premium in this plan decreases each year with the decreasing sum. This policy ensures apart from death or terminal illness, critical illness results in repayment of mortgages that are fully repaid. It is a big relief for the insurer. It’s also possible to buy a combined mortgage life insurance policy and critical illness policy with a guaranteed fixed premium.
Level Premium Life Insurance
Life insurance for which the premium remains the same from year to year. The premium is normally more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a cash value is a natural result of level premiums over a long period.
Term policies generally have level premiums for the initial term, though they generally have no cash value. The payment in the early years, together with the interest that is to be earned, serves to balance out the underpayment of the later years.
Renewable Term Insurance
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Term insurance that can be renewed at the end of the term, at the option of the policy owner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.