Life insurance has always been a good idea for those who want to protect their family for the future. People take out policies to provide money to their survivors as well as to help cover a mortgage.
Under most life insurance policies, survivors receive the benefit in one lump sum. Maybe you’re concerned that your survivors may spend that money too quickly. What about a policy that does exactly what you’re getting it for – replacing your income for your family or covering monthly mortgage payments?
MyLifeApp has listened to its customers and has introduced new life insurance options that address these real-life needs in a common-sense way.
If you’re looking to help your survivors cover the mortgage payment, then consider the Mortgage Payment Protection solution.
You can purchase targeted coverage to cover your family’s monthly housing costs.
Mortgage Payment Protection provides customizable monthly payment coverage up to 30 years. Coverage lasts for your family until what would be your 65th birthday, or five years if you die after age 60. People ages 20-55 are eligible to take out a Mortgage Payment Protection policy.
How much in monthly protection should you consider? Mortgage Payment Protection is designed to provide your family with a monthly mortgage payment, so it depends on your family’s needs. When considering coverage mortgage costs, include principal, interest, property taxes, and home insurance for more complete protection.
You work hard to make sure your family can live comfortably. But too often, the unexpected death of a family’s primary provider results in a dramatic reduction in income. Until now, there was no easy way to use life insurance to provide your family with a monthly income stream to replace lost income.
IncomeSense changes that. IncomeSense is a term life insurance policy that provides a monthly income stream, rather than a lump sum payment, to your beneficiaries to help replace a wage earner’s income.
IncomeSense provides customizable monthly payment coverage up to 30 years. Coverage lasts for your family until what would be your 65th birthday, or five years if you die after age 60. People ages 20-55 are eligible to take out an IncomeSense policy.
IncomeSense is what’s known as a declining term life insurance policy. That means coverage declines monthly until the last five years of the policy to meet your family’s specific needs. Here’s how it works. Let’s say you are 35 and purchase a 30-year policy (coverage until you reach 65) that, upon death, pays out $2,500 per month. If you die five years later at age 40, your family would receive $2,500 per month for 25 years ($750,000 total payments). Your beneficiary is guaranteed a minimum five-year payout. So in this example, if you die at age 62, your family would receive $2,500 per month for five years ($150,000 total). The monthly benefit will never change. The total benefit will depend on your policy duration and when the payouts begin.
You can quickly apply for Mortgage Payment Protection and IncomeSense online through SAFE Credit Union. Visit our Insurance and Protection Options page and scroll down to the Life Insurance section and click through to MyLifeApp.
You only have to answer eight questions for a free quote, and the easy online application can provide coverage in minutes. No medical exam is required.
You can also schedule an appointment to discuss these new options with SAFE representatives to help you better understand the coverage options and to secure the coverage that will protect your family’s needs.
Learn more about these and other asset protection options SAFE offers our members.
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