Mortgage Insurance

About insurance quotes. One of the most exciting moments in life is the purchase of a home. Whether it is an apartment, townhouse, single family home or vacation home, the thrill is great. It is also a huge financial responsibility. What happens if you die and the money you earn has been paying for either most or all of the mortgage payments? The simple answer is your family may not be able to continue living in the home which would be devastating.

The good news is that mortgage insurance is available to pay for the cost of your remaining mortgage amount. Mortgage insurance is simply another name for term life insurance. Someone takes out a policy over a specified period of time- usually 10-30 years and makes monthly premium payments. One of the reasons that the rates are reasonably priced is because if you outlive the duration of the policy, it simply expires. Specifically, it only has cash value if you die. The younger you are when taking out a mortgage insurance policy, the lower the premiums will be. A healthy non-smoking male can pay as low as $35 per month for a 20 year policy worth $500,000.

There are numerous factors to take into account when your mortgage insurance premiums are determined. They include:

* Your age – the younger you are, the less likely you are to die. These odds reward younger people with lower premiums.
* Smokers beware – Not only is smoking a major risk to your health but it will make your annual insurance increase by up to 30%. If you ever needed another reason to stop smoking, saving money for being a non-smoker may help you decide that today is the day to quit.
* Your job – If you sit at a desk all day or hold some other type of job that would be considered less risky, your rates will be lower. Conversely, if your job involves risk, then your premiums will be higher. Examples of higher risk jobs include being a pilot, a miner, window cleaner, or a police officer. While it is not being suggested that you change your line of work to get lower rates, it is something to keep in mind when looking at all factors of choosing a line of work.
* Your health -It is not debatable that eating a diet low in fat and processed foods will keep you healthier. Exercise will also keep you healthier. While what you eat will not be known when applying for insurance, if your blood, sugar and heart rate levels are not good, you will pay more for insurance. The biggest favor you can do for yourself and your loved ones is to eat healthy and get plenty of exercise. Get insurance quotes now.