A personal life insurance policy is owned only by you. Accordingly, you are the only person with the power to cancel or make changes to the policy.
You decide who the beneficiary will be. In the event of death, your beneficiary can choose to spend the benefit however he or she sees fit. They do not have to put the proceeds toward paying down the remainder of the mortgage (but can do so if they like).

With a Personal Life Insurance plan, the amount of the death benefit does remain consistent. So long as you’re paying your premiums, the death benefit will always be equal to the face value of the insurance you purchased. If you purchased$150,000 in insurance, the death benefit will be$150,000.
The insurance company will pay the death benefit, for both of the lives insured, to the specified beneficiary. As an example, if both a husband and wife are each insured for $125,000, the total benefit paid would be $250,000. Beneficiaries can use this payment as they see fit.

Many companies will offer a preferred rate to you if you are in good health. Homeowners who are healthy and who have a good family medical history can qualify for significant premium discounts.

With a personal life insurance policy, you always own your coverage and it will stay with you. Note that you might need to reapply if you decide after purchasing the policy to increase your coverage.

Personal Life insurance policies are underwritten at the time of application. If approved, you can be confident that the insurance company will pay the claim. Note that there is an option for the company to contest a claim, during the first two years after application, in the case of non­disclosure or fraud.

Most term policies allow you to convert them to permanent products at any time, without the need for a medical exam.

Upon paying your mortgage, you can choose to continue, convert or cancel your insurance coverage.

You can customize your policy with options and riders such as Waiver of Premium, Accidental Death, and Children’s Insurance.

There is guarantee upon making sure the personal policy is valid.

Many choices available including plans and benefits with conversion options.

Personal life insurance policy makers are licensed insurance professionals.

A Personal Life Insurance policy to cover your mortgage is almost certainly the best choice for you! To get started on this superior alternative to Mortgage Life Insurance, contact me today. Often cost is half and coverage is double!!