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Term life policy is owned by you the policy holder. As it is not tied with your  mortgage you can change mortgage lenders with having to worry about applying again for mortgage life insurance.

Term policies do not decline over time and the value remains the same throughout the term. A $300,000 term policy for example will pay $300,000 in case of death while the policy is in force.

In case of death, the money goes directly to your beneficiary and not to the bank. Your family can then decide how to use the money. They may even decide not to pay off the mortgage and use the money according to their own wishes.

With mortgage life insurance, in case of your death the mortgage is paid off but your family receives no money. In case of your death your family may need to immediately replace your income for various reasons. Term insurance would pay them the cash value and it would be up to them how they use the money.

There are several companies offering Term Insurance at competitive rates. While life insurance policies are generally sold by insurance agents. Term life insurance is usually sold online. You can comparison shop for term insurance rates from the comfort of your home and compare them with the rates your bank may be offering you for mortgage life insurance. Chances are that you will be pleasantly surprised to find that Term life insurance is cheaper than the mortgage life insurance offered by your bank. For more information on the subject of this article, go to Wzor odwolania.