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Is it better (for homeowners) to buy Life insurance instead of Mortgage insurance when taking out a mortgage?
Term life insurance is a type of life insurance that provides temporary coverage for a duration lasting up to 30 years.Homeowners can buy term life coverage for the duration of their mortgage loan and in the amount of their mortgage to make sure there is enough money provided to the beneficiary of the policy, to pay off the outstanding mortgage loan, upon the death of the insured person.Usually, a mortgage insurance policy provides a form of declining term insurance that declines over the duration of the policy. And, the death benefit goes directly to the mortgage company, not your own family members.Term life insurance is much more affordable compared to the cost of mortgage insurance.Also, term life is level protection that does not decrease over the life of your policy, and the premiums are guaranteed to remain level for the duration of your insurance plan.So, there are at least three main benefits to term life insurance over mortgage insurance:Cost - Term Life is CheaperBenefits Paid to Your Beneficiary, Not The Mortgage CompanyDeath Benefits Do Not Decrease Over TimeAnd, your beneficiary can use the money from a term life policy any way they choose, including paying down the mortgage and for any other needs, such as, living expenses.Learn more about term life insurance to protect your mortgage.
Why don't schools teach children about taxes and bills and things that they will definitely need to know as adults to get by in life?
Departments of education and school districts always have to make decisions about what to include in their curriculum.  There are a lot of life skills that people need that aren't taught in school.  The question is should those skills be taught in schools?I teach high school, so I'll talk about that.  The typical high school curriculum is supposed to give students a broad-based education that prepares them to be citizens in a democracy and to be able to think critically.  For a democracy to work, we need educated, discerning citizens with the ability to make good decisions based on evidence and objective thought.  In theory, people who are well informed about history, culture, science, mathematics, etc., and are capable of critical, unbiased thinking, will have the tools to participate in a democracy and make good decisions for themselves and for society at large.  In addition to that, they should be learning how to be learners, how to do effective, basic research, and collaborate with other people.  If that happens, figuring out how to do procedural tasks in real life should not prmuch of a challenge.  We can't possibly teach every necessary life skill people need, but we can help students become better at knowing how to acquire the skills they need.  Should we teach them how to change a tire when they can easily consult a book or search the internet to find step by step instructions for that?  Should we teach them how to balance a check book or teach them how to think mathematically and make sense of problems so that the simple task of balancing a check book (which requires simple arithmetic and the ability to enter numbers and words in columns and rows in obvious ways) is easy for them to figure out.  If we teach them to be good at critical thinking and have some problem solving skills they will be able to apply those overarching skills to all sorts of every day tasks that shouldn't be difficult for someone with decent cognitive ability  to figure out.  It's analogous to asking why a culinary school didn't teach its students the steps and ingredients to a specific recipe.  The school taught them about more general food preparation and food science skills so that they can figure out how to make a lot of specific recipes without much trouble.  They're also able to create their own recipes.So, do we want citizens with very specific skill sets that they need to get through day to day life or do we want citizens with critical thinking, problem solving, and other overarching cognitive skills that will allow them to easily acquire ANY simple, procedural skill they may come to need at any point in their lives?
If my Dad is 50 when he takes out a mortgage protection life insurance and the mortgage is for 30 years, should the insurance be for the life of the mortgage whatever the age?
The purpose of insurance is to replace uncertainty with certainty. In this case, the uncertainty is about how the mortgage payments will be made if your dad dies before it is paid off.In the early years of the mortgage this is a serious problem. But 20 years out, the remaining principal might be low enough that remaining family might be able to pay it off out of savings. Or the home might be sold, the mortgage paid off and the remaining family share the proceeds according to your dad’s will.So, it may not be necessary for the insurance to cover the entire mortgage term.
What rules of thumb are there for figuring out how much life insurance to buy?
If you are not married, and have no dependents, then you don't need life insurance.If you are married and your spouse also works, one year's salary is enough insurance for them to cover funeral expenses, mourn, and move to a smaller home and sell the current house if needed.If you have dependents, and/or your spouse doesn't work, the situation becomes very dependent on your personal finances overall. Assuming you are a one-income household, with two pre-school aged children, you may want to consider a total life insurance value equal to enough money to cover:-Cost of paying off your mortgage immediately-Cost of fixed annuity to pay for annual expenses for your spouse, less housing cost-Children's educational expensesThat's the most common rule of thumb, but you should consider whether it is an outdated notion that your spouse will never be able to work or prfor themselves if you die.Also, whether you believe that parents should pay for a child's college education, or even whether a child needs to go to college (or a state school vs. private school) can impact that part of the equation.As you age, you will likely set aside 529 plans for your kids, pay down your mortgage, etc. In that case, you should adjust the total value of your insurance downward to save yourself on monthly premium costs. The very wealthy self-insure for the most part - you want to move in that direction as your personal wealth increases.Finally, don't mix investments with insurance. Insurance is for protection only. Therefore, "buy term and invest the rest" is the best advice. Whole insurance makes it difficult to remember how much you are spending on the insurance part, and how much you're investing.
How we can pay the mortgage payment through Life Insurance?
you can get the loan on your Life Insurance policy which will be cheaper. 2nd, If you don't pay the Life Insurance loan per month, they won't mind. Life Insurance company simply deducts the money from the proceeds they will be to the beneficiary or to you (in case you are alive).
Can my doctor refuse to fill in my life insurance paper work requested by them to insure my life?
The short answer is no. The long answer is: it depends on the reason. For example, many psychiatrists or psychologists do NOT want to release their records if they have been prescribing you anti-depressants, anti-anxiety or bipolar medication. They may tell you that they are protecting you based on the "doctor/client privilege." The real reason is that they may not want to be the cause for your getting declined for insurability purposes. If your doctor is a psychiatrist /psychologist and you 1. are on any medication, and 2. are functional with stabilized emotions (you are productive, working full-time, have been able to keep a job for more than two years, have healthy relationships, etc.) then you may want to encourage your physician to release their records because barring any adverse health conditions, chances are, you will be approved. Taking anti-depressant/anxiety medication is so common in America today that it is no longer a huge concern for life insurance companies. However, if you are not currently socially or emotionally stable, or your doctor has recently changed your medication (within the past 2 years) then you may want to decide to put off buying the life insurance for a couple of years until you are stable. The risk for putting off buying the life insurance is that you may actually die or your health gets worse If so, you will pay higher premiums (you will anyway just for being older) or depending on the worsening health may become uninsurable.If your physician is in a different field other than psychiatry and you are unsure of your health condition or background, it would be prudent to get an appointment and stress with your doctors that they divulge to you notes or comments and are not necessarily life-threatening. I have had many clients declined or placed on hold for life insurance because a doctor has written in their records that their patient drinks more than 2 glasses of wine after dinner, have had a nagging headache or stomachache and are now taking over the counter medication until it is clear that the patient is not a problem drinker, have brain tumor or stomach cancer, respectively.Otherwise there is no clear reason why your doctor may not want to release your records as long as you have signed all the proper authorization disclosures. The insurance company usually pays for a copying service to retrieve medical records and are very careful to follow HIPAA protocol.Caveat: it is important to understand that your doctor’s role is to maintain your current health and, if possible, give general or specific advice to improve your health. That is why they may want to see you for a "check-up" or schedule you for routine labwork so they can respond immediately if they discover new health risks. On the other hand, the insurance company has their one chance to evaluate your health and must make a judgment based on your "future risk" with an entire group of similar men or women who have ALL the common known and unknown health risks within your 10-15 age range based on your present health and any combination of medications, lifestyle, family history, occupational health and even a pattern of above or below average lab results.For example, your doctor may tell you that your cholesterol is in the "normal"range and will tell you that they see no problem with your health presently. Nevertheless your doctor will still want you to come back for your annual or bi-annual follow-up appointment so they can respond with treatment "as needed." Meanwhile the life insurance company projects your "insurable risk" based on your general benign health factors as compared to extremely healthy men or women with no factors. The company will consider all possiblilites to determine the mathematical (actuarial) risk of when you will die. That is why most men and women will be approved for life insurance at their younger age - they have the ability to improve their general health with exercise and diet even if there are common health factors present. That is, they are a better mortality risk.Furthermore, the older you are the higher chance that your health will deteriorate sooner. At age 25 more men and women will live the next 10 to 20 years when compared to men and women at age 65 with stellar health. In other words, since there is a 100% chance that all people die, getting older means that you no longer have the luxury of having 50 to 70 more years until deathr when compared to a a 25 year old. If this is confusing look at it this way: imagine that you have a 7 year old washing machine while your neighbor has a brand new washing machine. It would then be foolish for me to expect or bet that in the next years your washing machine will not break down and that your neighbor’s washing machine will break down (all other things being equal). Doctors can tell you your chances of living and dying only after you develop a crippling or fatal disease while life insurance companies can determine with mathematical certainty your chances of living and dying even while you are still healthy.
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