Whole Life Insurance and Mortgage Whole Life Insurance – One of our goals at MetLife is to make your life easier by offering you simple solutions that are easy to understand and contract, such as our Life Insurance, that offer you the coverage you need at all times. If you are considering contracting your Life Insurance with MetLife, we want to help you better understand all the advantages so that you have all the information you need to make the best decision.
What are the main differences between Family Whole Life Insurance and Mortgage Whole Life Insurance?
There are four basic differences between Family Whole Life Insurance and Mortgage Whole Life Insurance: the purpose of the insurance, the insured capital, the beneficiary and the premium.
The purpose of the insurance
The Mortgage Complete Life Insurance gives you the peace of mind of being able to pay the mortgage loan (or other types of credits), in the event of the death or absolute and permanent disability (in the event of contracting this additional coverage) of the insured, to prevent debts from falling directly on the heirs.
And the Family Life Insurance will offer your relatives, or those people you designate as beneficiaries, financial compensation so that they can continue with their rhythm of life, so that you have the peace of mind that whatever happens to you, they will be protected.
The insured capital
While in the Complete Family Life Insurance you can choose the capital you want to insure to guarantee peace of mind for your family, in the Complete Life Mortgage Insurance, the insure capital is associate with a loan.
In addition, in the first case, the insured amount is fixed, while in Mortgage Life Insurance, the insured capital is variable, since it decreases as the debt with the bank decreases.
The insurance beneficiary
With the Complete Family Life Insurance, you decide who will be the beneficiaries of the insurance. If there is only one beneficiary, this will be the one who receives the full compensation of the insurance while, if there is more than one beneficiary, you can choose between choosing the percentage that each one will receive or that it be distribute equally.
In the Whole Mortgage Life Insurance, the main beneficiary is the bank that granted the mortgage. In the event that the insure capital is greater than the debt, once the debt has been settle with the financial institution, the difference will go to the person you decide.
The premium is the periodic payment that is make when contracting the insurance. In the case of Complete Family Life Insurance, the premium is establish in the contract and does not change during the year (except for variations in taxes), while in Mortgage Life Insurance, the premium can go down as the capital decreases secure (your loan debt).
And what do Family Whole Life Insurance and Mortgage Whole Life Insurance have in common?
Apart from these differences, both modalities of our Whole Life Insurance share many advantages:
- They offer you the greatest protection in the event of death as well as giving you the possibility of contracting additional coverage for Absolute and Permanent Disability to guarantee your financial well-being in the event that you are unable to work.
- They include the free preparation of the individual and living will, including the cost of fees and the notarial signature.
- It will help your relatives in the most complicated procedures: including from inheritance management to the erasure of digital life.
- You can take out any of the two types of Whole Life Insurance without having to pass tedious medical exams if you are under 50 years of age or if you insure capital of less than €350,000.
- You can hire it up to the age of 70 and they cover you for death up to the age of 85.