Mortgage Protection Life Insurance: Designed to pay off your remaining mortgage balance if you die before the mortgage is fully paid. The death benefit decreases over time as your mortgage balance decreases. Beneficiaries don’t receive cash; instead, the insurance proceeds go directly to the mortgage lender to satisfy the loan.
Final Expense Life Insurance: A smaller whole life policy specifically designed to cover end-of-life expenses such as funeral costs, medical bills, and other debts. These policies typically have face values between $5,000 and $50,000, with simplified underwriting that makes them accessible to older adults or those with health issues who might not qualify for other life insurance.
Term Life Insurance: Provides coverage for a specific period (typically 10, 20, or 30 years). If you die during the term, your beneficiaries receive the death benefit. If you outlive the term, coverage ends with no payout. Premiums are initially lower than permanent life insurance, making it an affordable option for temporary coverage needs.
Whole Life Insurance: A permanent policy that provides lifelong coverage as long as premiums are paid. It includes a death benefit plus a cash value component that grows tax-deferred over time. Premiums remain level throughout life, and the policy may pay dividends (though not guaranteed). You can borrow against the cash value or surrender the policy for its cash value if needed.
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