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All About GEICO Mortgages A mortgage life insurance policy is an important investment that people with Geico mortgages need to consider Mortgage life insurance is a form of insurance that protects mortgage borrowers from loss of life coverage as the amount of death benefits provided by the insurance contract decreases This form of protection is used primarily to protect mortgage borrowers who are at high risk of disability early death or dying while they are still living in their home This form of insurance is used as opposed to traditional forms of life coverage because it provides more protection People who buy policies from Geico can rest assured knowing that their mortgage is protected against any amount of loss The policies are purchased based on the coverage needs of the mortgage borrower and the amount of death benefits stated in the contract This means that any benefit amounts received prior to death will be returned to the lender or mortgage company at the time of a borrowers death aaa insurance price quote stipulates that Geico will pay out the death benefit to the mortgage holder This policy does not affect the borrowers credit or financial standing in any way Most people are familiar with this type of insurance It is used by many people with mortgages to provide coverage for the mortgage payments in the event of death This means that the policy is more of a long term investment rather than a short term protection This is a good choice for people who would not benefit from immediate benefits after death There are a few different ways to purchase these types of policies These policies can be purchased from any Geico representative and can be purchased online or over the phone Many people choose to purchase these policies online as it is easier to shop around and get a better price than when they talk to an agent It is also a convenient way to purchase a policy The online shopping experience is often free and it can allow someone to compare several policies and choose the best one for their needs This type of policy is sometimes referred to as Variable Life Insurance or Variable Life policies This means that there is a mix of cash and investments in the plan These policies may have a lower premium than some others but they are more flexible They can offer the flexibility of having interest depend on a number of different factors such as a percentage of ones salary versus the amount of money invested This allows for more risk to be involved for the company but makes the policy more flexible Many people use this type of policy to protect the interest of their mortgage life insurance The death benefit of a policy can vary The premium will typically be based on the cash value and the investment in the policy The benefit will be paid out if the policyholder dies during the policy A policyholder can choose how the money is received The policy will continue to pay the death benefit until it is depleted Any premiums earned on this policy will be taxdeductible The Geico Life Insurance Company may also contribute money to the policyholders benefit The premiums are used to offset the cost of providing a death benefit and may also be used to pay down the policyholders debt Policyholders have up to 12 years in which to pay off this debt If the policyholder does not the money borrowed from the policy can be repaid upon the death of the policyholder The benefits of a GEICO mortgage life insurance policy may not be suitable for everyone Anyone who is selfemployed will not qualify Also anyone who has a high risk occupation or who is considered a higher risk will not be able to take advantage of this policy Before taking out a policy people should see what exactly is involved They should also talk to someone who understands how the benefits are calculated Having the knowledge before making a decision will help them make a good choice when it comes time to purchase a policy
