Protecting Your Mortgage Loan: Insurance Options To Consider

 Protecting Your Mortgage Loan: Insurance Options To Consider - Available from top 10 life insurance companies. If one of your main life insurance goals is to help pay off your mortgage if something unexpected happens to you, you have several options for getting a policy without a medical examination. Read on to find out more, but remember that you can always start comparing offers using the offer form on this page.

One option to make sure your mortgage is covered is to name the lender as the beneficiary; this means they will reduce or pay off your remaining mortgage balance if you die before it is paid off. Such policies typically have a shortened life insurance period; This means that your coverage is constantly decreasing as your mortgage balance decreases.

Protecting Your Mortgage Loan: Insurance Options To Consider

Such reduced-term policies usually do not require a medical examination, and for added convenience, you can usually pay your premium through your mortgage payment.

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You may not want your creditors listed as your beneficiaries, and that's fine. In this case, you can choose a term life insurance policy to provide mortgage protection.

With this type of policy, you match the amount of coverage you need to the term of your mortgage, and you can give the beneficiary to whomever you want.

Now, unlike the short-term life insurance policies mentioned above, these term life insurance policies are generally equal-term life insurance policies, meaning that the cost of insurance stays the same for the duration of the policy.

Also, this type of insurance usually does not require a medical examination. The infographic below shows the pros and cons of life insurance and mortgage insurance.

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Many of the insurance companies we work with offer term life insurance policies that do not require you to undergo a medical examination during the application process. If your mortgage is less than a year old, you may want to consider this option as you may qualify for up to $500,000 in coverage on this type of policy.

Also, if you don't have a mortgage or if the mortgage was more than a year ago, you can usually still get life insurance up to $350,000.

Life insurance without medical examinations has its pros and cons. Be sure to read the pros and cons of life insurance without health insurance to find out what they are.

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While this article is about getting life insurance without a medical exam, you should know that getting a medical exam can actually benefit you rate-wise, as long as you are in good general health.

If the insurance company knows you are in good health, it is more likely to offer you lower rates on life insurance policies that include a medical examination as part of the application process.

We have partnerships with dozens of top life insurance companies. We specialize in finding the best rates for this type of policy without a medical examination. Don't wait until it's too late to protect your loved ones. Please call us today or contact us by completing the application form on this website.

Michael is a licensed life insurance agent, specialist, and owner of a life insurance blog. LIB has helped thousands of clients learn about life insurance and get affordable coverage.

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This page provides insurance information and quotes. Rates shown are based on information provided by insurance companies. It is for informational purposes only and is subject to change. No part of .com may be reproduced, broadcast or distributed for any purpose without the prior written consent of the owner. Insurance 5 types of insurance Singaporeans can pay with their CPF account Apart from Home loans, you can also use CPF funds to pay for these insurances.

While most of us know that we can use CPF funds to pay off our home loans, there are other ways to use CPF funds, including education and (selected) insurance policies. The CPF is primarily a retirement plan for Singaporeans and its use is limited to ensuring that Singaporeans can save enough money for retirement. However, the government considers that some insurance policies are significant enough to allow the use of CPF funds.

Given that MediSave is part of our healthcare dedicated CPF account, it's not surprising that we can use CPF funds for health insurance policies. We can use MediSave to pay for two government-mandated health insurance plans: MediShield Life and CareShield Life.

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MediShield Life is a mandatory health insurance plan for all Singapore Citizens and Permanent Residents. This is hospital and surgical insurance that protects Singaporeans from heavy hospital bills, is excluded from acute inpatient coverage, and is regularly reviewed by the Ministry of Health to ensure Singaporeans are adequately protected.

Under the private health insurance scheme, Singaporeans can also use their Medisave to purchase an Integrated Insurance Plan (IP) for themselves and their family members (parents, spouses, children, grandparents and siblings). These IPs provide additional private insurance for services provided by MediShield Life.

Use of MediSave is subject to the Additional Withdrawal Limit (AWL), which limits the amount of MediSave that can be used to pay additional premiums for the private portion of IP insurance. AWL is applied in addition to the MediSave amount used for MediShield Life bonuses:

MediSave can be used for full payment of MediShield Life and partial payment of private insurance (depending on age, premium and AWL). If we take the NTUC Income IP - Enhanced Income Shield insurance premium as an example, we may find that when we are 36 to 40 years old and 46 years and older, we have to pay extra to cover the highest private insurance coverage (which covers the cost of hospitalization in private hospitals).

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However, we cannot use MediSave to pay drivers for IP addresses. It has to be paid out of our pocket, not from our CPF accounts.

CareShield Life is a long-term care insurance plan that provides basic financial support and lifetime insurance to Singaporeans with a severe disability, particularly the elderly, and those who need long-term personal and medical care (known as long-term care).

Older Singaporeans can enroll in ElderShield, a severe disability insurance plan currently in place that provides monthly cash payments for up to 72 months to help cover out-of-pocket care costs for people with severe disabilities.

In addition to the basic CareShield Life or ElderShield insurance, we also have the option to purchase additional private insurance, also known as passenger insurance. Premiums for these CareShield Life or ElderShield supplements can be paid using MediSave for up to $600 per policyholder per year. We can also use our medical savings to pay for our family members up to the same limit.

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In addition to the compulsory health insurance plan, CPF members can use our CPF funds to pay for two other insurance plans.

The Dependent Protection Program is a life insurance plan that provident fund members can opt out of. The opt-out nature means that we automatically register if we do not withdraw from the program. We may decide to discontinue this coverage as it is optional.

DPS provides coverage of up to $46,000 for policyholders under the age of 60. DPS will cover insured under 65 years of age as of April 1, 2021. Members under the age of 60 have a maximum policy of $70,000. For members over 60 and under 65, DPS covers amounts up to $55,000.

DPS premiums can be paid in full with CPF funds using funds in our Ordinary Account (OA). If the balance of our AE is insufficient, the premium will be deducted from our special account.

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The Home Protection Program is a mortgage benefit insurance that protects members and their families against losing their HDB apartments in the event of death, terminal illness or total permanent disability.

This is mandatory if we use our CPF savings to pay our HDB monthly home loan installment, unless we qualify for an exemption.

HPS premiums are calculated for each flat based on the mortgage debt, repayment period of the flat loan, type of loan (privileged or market rate), age and gender of the member.

According to the HPS Premium Calculator, a 35-year-old male applying for a $400,000 home loan with a 25-year maturity can expect to pay $384 in annual HPS premiums.

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FSP premiums can be paid in full using our CPF Ordinary Account. HPS deduction has priority over our mortgage installments. if

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