Mortgage life insurance, or mortgage insurance as some people call it, is a life insurance policy that you buy on the life of another person with whom you may have a mortgage together. In the event of that person’s death, the proceeds from the mortgage life insurance policy will go towards paying off the remaining mortgage on your property.
Usually, married people buy mortgage life insurance protection on each other’s lives if they own a house together. In such cases, the spouses pay for the coverage to the insurance company and, in return, the insurance company agrees to pay off the remaining balance on their mortgage when one of the spouses dies.
Mortgage life insurance is popular today, because more and more people choose to marry and buy real estate later in life. As a result, it is more likely that one of the spouses will pass away during a 30-year mortgage period.
If this happens and the mortgage on the marital property is substantial, the surviving spouse may face financial challenges that can be easily avoided with mortgage life insurance.
Often people buy life insurance coverage on their spouse naming themselves beneficiaries and policyowners.
This provides spouses with guarantee of financial security in case of one spouse’s death. It also gives the premium-paying spouse control over the maintenance of the policy and protects the policy from lapse.
Today’s families are changing and so is their need for life insurance coverage. We see more and more female breadwinners, single mothers, stay-at-home dads and people who choose to have children later in life.
Life insurance is a great income replacement tool that will protect your dependents and loved ones in the future. Having proper life insurance is essential. Below is a list of five groups that probably need life insurance coverage the most.
Having life insurance coverage is important, especially if you are the only source of income for your family. Knowing and understanding how life insurance works is essential in guarantying that your family’s claim will actually be paid after your death.
Many people do not realize that their life insurance may be of no use due to the many loopholes that can render a life insurance policy worthless.
Today more and more people choose to have a genetic test done to see what risk of health implications they might have. Genetic testing shows, for example, that a certain individual is prone to Alzheimer’s disease, lung, skin or breast cancer.
Genetic testing results are confidential and may not be disclosed without proper authorization. The situation is not very clear when it comes to disclosing health information on an application for life insurance.
Must applicants for life insurance disclose their genetic testing results?
TSGLI is Servicemembers’ Group Life Insurance Injury Protection Program.
It provides coverage for traumatic injury to servicemembers who have SGLI (Servicemembers’ Group Life Insurance). It is an injury protection program that pays benefits to servicemembers who are severely injured/have traumatic injuries.
TSGLI offers a one-time payment to an injured servicemember if the injury is a qualified scheduled loss. Depending on the injury, TSGLI payments range from $25,000 to $100,000. Additional payments are available for hospitalizations, inability to perform activities of daily living (ADL), and coma.
There are many reasons why a TSGLI claim may be denied: ineligibility for SGLI and automatic ineligibility for TSGLI, disputes about the eligibility start date, improper injury classification, incorrect description of activities of daily living, etc.