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Individual Term Insurance

 

Individual Term Insurance

Individual Term Insurance can be purchased from any agent, the cost for the Insurance is lower because the policy has a limited time period. Most brokers will be able to provide a quote for  different terms for example 5 years- 10 years or 25 years. The term that suites most people is for the length of the amortization for the mortgage.
 

These are many benefits for individual term insurance, listed below are some examples:

 

  • Your beneficiaries can either pay off the mortgage right away or invest the money.
  • The premium remains consistent for the term of your policy.
  • Coverage doesn’t drop as you pay down your mortgage.
  • Your spouse stays insured even if you die prematurely.
  • You maintain coverage even after you pay off your mortgage insurance.
  • Only you can cancel the policy.
  • The insurance company does a full underwriting before the policy is issued.

 

 

 


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