Insurance Agent

Decreasing Term Insurance

Mortgage protection policies are normally decreasing tern insurance polices. Decreasing term insurance policies provide a constantly reducing amount of protection each year to the end of the term, usually the payoff of the mortgage. However, the premium does not decrease as the protection decreases. Because the premium remains level even though the amount of the protection declines. The policyowner pays more each year per $1000 of insurance as the insured's age increases. Many people whose mortgage protection is in the final years will note that the protection is relatively small while the premium remains high.

Example: Mortgage insurance a $300,000 mortgage for 25years. You pay $100 per month for this policy. Your mortgage is $1300 per month If the policyowner passes away at 24 years 11 he/she would have paid $28,900 in premium but the mortgage insurance will pay the mortgage off $1300. No money left over to pay bills, care for the children, education and more

In the same example if a person gets a regular 25 year term policy and the policyowner passes away with 1 month left on the mortgage. The insurance company would give the beneficiary $300.000 and then he/she would pay the 1 month of $1300 leaving $289,700

You tell me what is better $0.00 or $289,700.

If you are in this situation call me and I will help you get the right policy.
617-905-6411

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