Edmond Consulting Group LLC
Edmond Consulting Group LLC

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Edmond Consulting Group LLC

PO Box 1294

PALMETTO, GA 30268

 

 

Or you can reach us at 

(803) 716-9901

 

You can also use our contact form

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The Facts of Living

 

• According to the American Cancer Society, 1 in 4 men and 1 in 5 women will die from cancer. Nearly 33,000 people died from a motor vehicle accident in 2014 as reported from the National Highway Traffic Safety Administration.

• Monthly obligations such as mortgage payments, groceries, and utilities will continue after the loss of a spouse. In most cases, inflation adds to the financial burden.

• If you own a home, you probably have homeowner’s insurance. It’s clear that most people see the importance of protecting their home from disaster.

 

Your home may be your family's largest asset. And their largest financial responsibility. Term life insurance can help them remain in your home after you're gone.

Perhaps the simplest of all life insurance types, term life insurance is designed for:

  • Low cost
  • Coverage for a specific period of time

 

Mortgage protection insurance

 

Purchase a term life insurance policy for at least the amount of your mortgage. Then, if you pass away during the "term" when the policy’s in force, your loved ones receive the face value of the policy. They can use the proceeds to pay off the mortgage. Proceeds that are often tax free.

Actually, the proceeds from your policy can be used for any purpose your beneficiaries choose. If your mortgage has a low interest rate, they may want to pay off high-interest credit card debt and keep the lower-interest mortgage. Or they may want to pay for home maintenance and upkeep. Whatever they decide to do, that money will come in handy.

 

Term life insurance vs. mortgage life insurance

 

Both term insurance and mortgage life insurance provide a means of paying off your mortgage. With either type of insurance, you pay regular premiums to keep the coverage in force.

But with mortgage life insurance, your mortgage lender is the beneficiary of the policy rather than beneficiaries you designate. If you pass away, your lender is paid the balance of your mortgage. Your mortgage will go away, but your survivors or loved ones won’t see any of the proceeds.

In addition, standard term insurance offers a level benefit and level premium for the term of the policy. With mortgage life insurance, the premiums may remain the same, but the value of the policy decreases over time as the balance of your mortgage declines.

 

How it Works

 

A mortgage term life insurance policy helps guarantee your loved ones a tax-free benefit in the event of your death — funds they can use to help with mortgage payments.

 

  • Policy terms are available for 15 or 30 years.
  • Premiums can be paid monthly, quarterly, semi-annually, or annually.
  • You can choose the coverage you need based on your mortgage balance. After the first five years, the death benefit, which is intended to behave like your mortgage, decreases over the life of the policy, but will never be less than 20% of the original face amount of insurance.
  • Premiums are scheduled to be level for the life of the policy. Your premiums may be raised or lowered after you have had the policy for five years, but they will never exceed the maximum premiums stated in the policy.
  • No matter how large your death benefit, it passes to your beneficiaries generally income tax-free.

 

Need lifelong coverage? Just convert your mortgage term life insurance policy to permanent coverage and premiums any time the policy is in force — no matter what your state of health.

 

Mortgage Life Rider

 

Provides additional coverage with the same features as a Mortgage Life insurance policy. This rider can provide coverage for either 15 or 30 years.

 

Eligibility

 

Coverage Minimum $50,000
Ages 20–65 (Mortgage Life 15 Rider) 20–45 (Mortgage Life 30 Rider)
 

Mortgage Life Rider (Additional Insured)

 

Provides coverage on another person with the same features as a Mortgage Life insurance policy. This rider can provide coverage for either 15 or 30 years.

 

Eligibility

 

Coverage Minimum $50,000
Ages 20–65 (Mortgage Life 15 Rider) 20–45 (Mortgage Life 30 Rider)
 

Waiver of Premium for Disability

 

Helps preserve your policy at a time when income may be limited due to a disability. If the base insured becomes totally disabled (as defined in the policy) prior to age 60 for six continuous months, this optional coverage will waive future policy premiums as they become due as long as the insured remains totally disabled. If the base insured becomes disabled between the ages of 60 and 65, this

coverage will waive future policy premiums as they become due until the later of the third anniversary after disability and age 65, so long as the base insured continues to be so disabled. This rider coverage automatically terminates on the policy anniversary when the insured is age 65, unless disability occurs prior to that time.

 

 

 

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