Schmitt Group Insurance

Mortgage Protection Coverage
One of an individual or a couple’s biggest expenses in life is their home mortgage.
Therefore, if an income earner passes away unexpectedly, this could mean that his or her survivors would no longer be able to pay the mortgage – and in turn, be forced to move from their home. This occurrence can be made even more difficult, as the family is already facing pain.
With mortgage protection coverage, should the unthinkable occur, this policy will pay out an amount that can pay off the survivors’ mortgage balance. Americo Life Insurance Company offers mortgage protection policies with face amounts of between $25,000 and $400,000.
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Term Life Insurance vs. Permanent (Whole) Life Insurance:

Whole life insurance is the most common type of permanent life insurance. Like other types of permanent life insurance (universal life insurance and variable life insurance, for example), whole life insurance provides coverage for as long as you live, as long as you remain up to date on paying your policy premiums.
Whole life insurance policies feature fixed premiums for the life of the policy. With plan premiums that won’t increase, you can experience improved transparency and predictability with your long-term life insurance costs.
Whole life insurance policies can also accrue cash value over time. Once your policy has built up enough cash value, you can typically withdraw it or borrow against it like a loan.*
Loans or withdrawals may affect your policy’s cash value and the death benefits tied to the policy, so make sure you understand the terms associated with your whole life insurance policy.
Unlike variable life insurance, the cash value of a whole life insurance policy is not dependent upon the market. In fact, most whole life insurance policies grow a cash value at a guaranteed minimum rate.
Because of the cash value component and the fact that the policy could be in effect for the rest of your life, Whole Life Insurance premiums are typically more expensive than term life insurance premiums.
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