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What to Look for in a Life Insurance Policy

Posted onFebruary 24/2020By

Life insurance is beneficial at nearly any age and protects your loved ones from financial burden in case of your death. Even young, healthy professionals should consider life insurance and the potential protection it offers. While the question of necessity has been answered, the type of insurance required is still open for interpretation. When buying life insurance, look for these things to increase value and decrease costs. Seek a Company Without a Payout Wait Time Every now and then, you’re bound to see a commercial on television promising low or no-fee life insurance exams, or even coverage with no exam at all. The problem with these policies, although they do qualify as policies, is that they are processed differently. When one of these cheap policies is filed, it often takes an extended amount of time to receive a payout. Sometimes, this wait time could be more than a year or…

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When’s the Best Time to Buy Life Insurance?

Posted onFebruary 17/2020By

Life is unexpected, which is why the concept of waiting to buy life insurance “until you need it” is simply impossible. Nobody knows what will happen, and being prepared ahead of time to protect those you know and love is the entire purpose of a life insurance policy. At Northwood Mortgage, one of the questions we often receive is: “When should life insurance become a priority?” The answer is: Now. However, the type of policy you’ll require is another topic altogether. For now, let’s focus on when to buy and why. Buying While You’re Young We all feel invincible in our youth, but these notions fade as our 20s strike, and things like careers, houses, marriage, and children come into the picture. Of course, everybody’s journey is different, and some may not include any of these things. However, most adults in their twenties are beginning to look at life differently…

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Four Tips for Buying the Right Life Insurance Policy for You

Posted onFebruary 10/2020By

Life insurance is a policy protecting beneficiaries of the policyholder from financial burden in the event of the holder’s death. The policy is designed to offer loved ones an unburdened chance to mourn a death and celebrate life. Selecting the right policy is tricky and time-consuming. At Northwood Mortgage, we receive many questions regarding policies and providers, so we’ve created a list of four life insurance tips to live by. This is what you should know about life insurance, especially if you’re a first-time buyer. 1. Only Compare Policies of the Same Type There are two types of policies in life insurance, which are term and whole. Term insurance provides protection over a period of years determined in the contract. It comes with lower premiums, but offers no opportunity for borrowing against the money banked there. Whole insurance is more expensive, but provides coverage until death and can be used…

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Everything You Need to Know About Life Insurance

Posted onFebruary 03/2020By

While the medical industry has come a long way in ensuring that people live longer, there are no guarantees. Therefore, buying life insurance is essential, especially if you have friends and family you want to protect in the event of an accident or illness. Like all big decisions, selecting the right life insurance plan takes some careful consideration. Not all plans are alike, and this makes choosing the right plan for you tricky. If you are considering life insurance, but find yourself unsure about which policy to select, Northwood Mortgage can help. Here are a few things you should know about life insurance and how it works. Choosing Between Term or Whole Life Insurance There are two main forms of life insurance to invest in, which are term and whole. These work as follows: Term insurance, as the name implies, covers only a selected number of years. It doesn’t accumulate…

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