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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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Mortgage Insurance Vs Life Insurance

Posted onDecember 26/2016By

People often see their homes as their biggest investment, and naturally they want to protect that investment. On the other hand, people also worry about what would happen to their loved ones if they were no longer around to care for them. For both of these situations, there is life insurance and mortgage insurance. Both types of insurance offer benefits, but they differ in their nature and eligibility criteria. If you are considering one or both forms of insurance, here are some things that you need to be aware of before making a decision. Life Insurance Life insurance is a smart move for many people who have dependents. However, life insurance does not often come without a rigorous application process. Age is a critical factor in the monthly premium you pay and you often have to undergo a medical exam. If you have had any previous complications, then that could…

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Important Things To Know About Home Insurance

Posted onJune 13/2016By

Home insurance protects what you own, whether that’s a house, condo or an apartment. It also protects you if you’re renting. Insurance protects you from loss or damage – whether you’re a victim of fire, flood, other natural disasters, or theft. There are many insurance policies from which to choose. Deductibles vary, coverage varies. Here are some things you should consider before choosing a policy: What’s actually covered? Policies cover your home, its contents, you, your spouse and children. It also covers kids away at school. If you have anyone else living with you like a friend or family member, be sure to let your insurance rep know. If anything happen that you can’t live in your home because of an insured loss, your policy also covers additional living expenses. How much will I need? That will depend on how much your home is worth along with all the personal…

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