Mortgage Policies and the like
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My mortgage agent told me that if they had to pay off if something happened to hubby and if the autopsy showed lung, throat or stomach cancer, they would do a blood test for nicotine (I assume she meant cotine)
She said, If they want to, they do do one without any symptoms of anything. It's their right.
So to be safe, I told her he "uses nicotine so take off the non-smokers discount"
Better to pay $2 more a month then be denied $150K benefits, IMO.
That's just what she told me, so no clue if all companies do it that way.
HTH ~ P
She said, If they want to, they do do one without any symptoms of anything. It's their right.
So to be safe, I told her he "uses nicotine so take off the non-smokers discount"
Better to pay $2 more a month then be denied $150K benefits, IMO.
That's just what she told me, so no clue if all companies do it that way.
HTH ~ P
I'm confused. What does mortgage policies have anything to do with nicotine. I can understand life insurance.
Life Insurance: Is Mortgage Protection Your Best Option? - Financial Web
The cost of this kind of protection is based on the amount of coverage that you need, and can be extraordinarily expensive. In addition, the beneficiary is the lender, not your heirs, so the money goes directly to the bank
Rather than spending a lot of money on mortgage protection that only protects you to a limited extent, consider investing in a whole life or universal life policy that can build cash value, will pay a death benefit directly to your heirs, and can include credit life insurance that will pay off all of your loans, not just your house.
The money you invest in a whole life or universal life insurance policy is tax deferred. The death benefit paid to your heirs is typically not taxed. Additionally, if you have a difficult financial period, most of these policies have flexible payment terms and payments can be made by deducting the premium from the cash balance.
This is what we did instead of purchasing credit life with just bought a life insurance pollicy. The rules are the same regarding smoking. You can still purchase a life insurance if you smoke the rates will just be higher.
The cost of this kind of protection is based on the amount of coverage that you need, and can be extraordinarily expensive. In addition, the beneficiary is the lender, not your heirs, so the money goes directly to the bank
Rather than spending a lot of money on mortgage protection that only protects you to a limited extent, consider investing in a whole life or universal life policy that can build cash value, will pay a death benefit directly to your heirs, and can include credit life insurance that will pay off all of your loans, not just your house.
The money you invest in a whole life or universal life insurance policy is tax deferred. The death benefit paid to your heirs is typically not taxed. Additionally, if you have a difficult financial period, most of these policies have flexible payment terms and payments can be made by deducting the premium from the cash balance.
This is what we did instead of purchasing credit life with just bought a life insurance pollicy. The rules are the same regarding smoking. You can still purchase a life insurance if you smoke the rates will just be higher.
You can purchase term life insurance for a fraction of the cost of whole life or universal life. My husband and I bought a term policy with a reducing benefit, because the amount you owe on the mortgage goes down over the years. This is the least expensive of all types of life insurance. We then set up an automatic savings plan and invested the difference between the lower premiums on the term policy and what we would have been spending on a whole life policy. I selected a mutual fund that invests in municipal bonds in the state where I live. Thus the earnings on this fund are tax-free on both the Federal and State levels.
I find that completley unfair. Nicotine use does not corrrelate with smoking, as we all know. $2 a month or not, you should not have to pay. It is simply the principal of the matter.
I agree completely, but my "perfect world" is not the one I live in.
I simply answered the OP's question as best I could.
I simply answered the OP's question as best I could.
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