Shopping
for mortgage protection insurance, life insurance, or annuities can be
tedious and frustrating. There are so many different types of insurance,
how will you know what is right for your family? Your Asheville
area mortgage protection case worker will answer all of the hard questions
for you. For the basics, though, please look over the following questions
that are on the minds of many mortgage holders here in Western North Carolina.
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Life
insurance can be divided into two basic categories: Permanent and Term.
The
most common of the two is Term life insurance. Term insurance is designed
to cover your life for a set number of years. Most life insurance companies
offer 10, 15, 20, 25, or 30 year policies. Term insurance is usually cheaper
than permanent insurance. This allows the insured to cover the period
in his or her life that consists of the most debt (i.e. mortgage, college,
cars, credit card debt, etc...). After the term is over, the coverage
is over.
Permanent
life insurance is just that, permanent. The policy is in force until death
or age 100, whichever comes first. This protection is attractive because
it builds cash value. Cash value is interest that is earned on
your premiums paid. Depending on the life insurance company and the interest
rate, this can be a profitable way to invest your money without the risk
of losing it all to the stock market. Simply put, you are allowing professionals
to invest your money for you, all while covering your life at the same
time. |
