Throughout our lives, most of us need to insure our lives, our property, and our possesions.  The following are three common types of insurance most people carry.

Return of Premium (ROP)Term Life Insurance

Return of Premium Life Insurance refunds your premiums if you don’t die. A big objection to buying term life insurance is that people see themselves outliving the specified term and often think of the premiums as wasted money. As a result, the insurance industry has answered that objection with the recent introduction of Return of Premium term life insurance.

Return of Premium (ROP) combines the benefits of traditional Term Life Insurance with a return of premium feature. Your family receives a lump sum death benefit if you die, otherwise the insurer returns all your premiums. This money-back guarantee can be particularly comforting for those that believe death will not occur during the term of coverage or for those in particularly good health..

Mortgage Insurance

Mortgage Insurance is insurance for the lender against default on the mortgage.  It is sometimes required by lenders on lower down payment loans. Borrowers are able to purchase homes that they wouldn’t otherwise be able to afford, due to high 20 percent down payment requirements by insuring their mortgage..

Private Mortgage Insurance?PMI?is insurance on your mortgage designed to protect your mortgage company should you not make your loan payments. This minimizes their risk and may allow them to give you a better borrowing rate. Private mortgage insurance is frequently called for by mortgage companies because of the larger number of defaults that come with minimal down payment mortgages.

Car Insurance

If your car is "totalled", it’s your insurance company’s responsibility to provide you with an amount of money that would purchase an equivalent car. In lots of cases you may not receive what your vehicle is truly worth. They have their own formulas and will often consider quotes from various dealers that aren’t always that attainable, and this isn’t always a good indication of your specific vehicle’s true worth. Every car is different, with things like condition, mileage, and repairs playing vital roles. If their quotes don’t seem reasonable, you may want to present them with some local quotes of your own. Keep a documented vehicle history as well, so you can present repair and maintenance receipts if there’s a dispute. Don’t forget to agree on the sales tax value on your replacement vehicle with your insurer - it is one of the most overlooked expenses in replacing your car.

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