Credit Life Insurance - Decreasing Term Insurance
A Credit Life Insurance-Decreasing Term Insurance policy is designed to payoff a borrower's debt such as a mortgage when he or she dies. The face amount of the coverage declines proportionally as the loan is amortized or paid down over time. Eventually, both the loan balance and insurance policy reach zero. The premiums on credit life insurance policies are lower than standard life insurance policies, since the amount of coverage declines over time as the insured gets older.
Under federal law, credit life insurance policies may not be required by lenders as a condition of making a mortgage loan.
Protection of heirs is the primary objective of such policies especially when there is a spouse or co-signer involved.
Ten Reasons People Buy Life Insurance
Statistic
There are approximately 342,000 people in the United States. One hundred percent of us are going to die. Only a small fraction of the population knows when they will die. According to available data, the total number of deaths in California each year averages 340,526 or 933 each day. This is 39 every hour. Consider establishing a living trust and buying sufficient life insurance to protect the people you love.
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