| Mortgage insurance used to be a product call decreasing term. As the years went by, even though your payments remained the same, the coverage decreased. It was supposed to mirror the decreasing amount of your mortgage. What never made sense is why it cost more to have a decreasing policy than a level policy.
With a little imagination, level term insurance can solve the same problem with better results if a death actually occurs. Let’s say a person has a 30-year mortgage for $300,000. Rather than a decreasing term the person purchases two policies for $150,000 each. One policy is a level 20-year term. The other is a level 30-year term. If a death occurs before the 20th year, the decreasing term policy will have a death benefit of less than $300,000, while the level term policy will pay $300,000 through year 20. This provides more value to the family at a lower cost.
An advisor at the Hinerman Group can help you to understand all of the options available to protect your family. If you consider the scenario above and make the policies both return of premium policies, it not only provides better coverage at a lower price, but at the end of the 20 and 30 year terms the insured will receive a full refund of all the premiums paid toward the insurance.
The Hinerman Group is licensed in all 50 states and DC and can be reached toll free at 866-539-7914. The Hinerman Group agents are truly independent agents who help you to find the absolute best value for your needs. Call today and discuss and we can best be of assistance to you.
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