Term life insurance gives you protection for a predetermined period. For example, a 20-year term life policy locks in your premiums and coverage amounts for the entire 20-year term of the policy.

After that, unless you cancel, the policy renews annually with new rates.

Permanent life insurance gives you coverage for your whole life, not just a period of time.

It differs from the term life insurance because it typically accumulates cash value, and premiums usually don’t increase as your health and age change.

Critical Illness coverage offers financial compensation for cancer, stroke, heart attack or other debilitating illnesses. Such illnesses can sometimes require recovery costs and even force a leave of absence from work.

Therefore, when you establish your policy, you can choose the amount of coverage that meets your specific needs, as recovery costs can vary.

Disability coverage replaces some of your income if you can’t work because of an injury or illness. This monetary benefit will continue until the benefit period ends or you return to work.

It can help you and your family pay for necessary expenses like your mortgage, car payments, utilities, groceries, etc.

Mortgage insurance is primarily a financial safeguard for lenders, not homeowners.

• Protects Lenders: It primarily protects lenders (banks) from potential losses if a borrower defaults on their mortgage payments.
• Required for Smaller Down Payments: It’s often required when a borrower puts down less than 20% of the home’s purchase price as a down payment.
• How it Works: If a borrower defaults and the property is foreclosed upon, the insurance company compensates the lender for any losses.

Loan Protection and Mortgage Insurance are two very different products. Contact us today to discuss switching your coverage away from mortgage insurance with a licensed insurance advisor.

 

Protect your home and your peace of mind with Home Insurance. Our house insurance policies cover everything from property damage to personal belongings. Inquire today about fire, wind, hail, flood, and other coverages available.

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