One of MetLife’s goals is to make your life easier, as we are, by providing simple solutions that are easy to understand and adopt. Life insurance gives you the protection you need when you need it.
If you’re considering buying life insurance through MetLife, we want to help you understand all of your benefits so you have all the information you need to make the best decision.
What is the main difference between our Home Whole Life Insurance and our Mortgage Whole Life Insurance?
There are four main differences between whole home life insurance and whole mortgage credit insurance: the subject matter, the amount insured, the beneficiary, and the premium.
insurance object
o Total life mortgage insurance gives you the peace of mind that you will be able to pay the mortgage (or any other type of credit) in the event of death or total and permanent disability of the insured (if you take out this additional insurance) to avoid the debt falling directly about the heir.
And family life insurance will provide financial compensation to your relatives or someone they name as a beneficiary, allowing them to keep up with your life, so you can be sure they’re protected.
safe capital
With family life insurance, you can choose how much money you want to insure to keep your family safe; in life insurance for the whole family, the insured capital is linked to the loan.
Likewise, in the first case the insurance amount is fixed, while in the Whole Life Mortgage Credit it has two modalities (fixed and variable).
insurance beneficiary
With comprehensive family life insurance, you can decide who is the beneficiary of the insurance. If there is one beneficiary, this will be the one who will receive full coverage, if there are multiple beneficiaries, you can choose a percentage or an equitable distribution that each will receive.
In a lifetime mortgage loan, the primary beneficiary is the bank that issued the mortgage. If the insurance funds exceed the debt, once you pay the debt to the financial institution, the difference will be distributed to the person you designate.
sure
Premiums are periodic payments that are paid when an insurance contract is signed. For Whole Home Life, the premium is contractually determined and does not change during the year (subject to tax changes), while for Home Credit Life, the premium may be based on a reduction in principal insured (i.e. say, your loan debt) .
What do whole family life insurance and whole mortgage life insurance have in common?
In addition to these differences, there are many advantages to both types of whole life insurance:
It gives you maximum protection in the event of your death and gives you the option to rent additional total and permanent disability coverage to ensure your financial well-being if you are unable to work.
Includes free writing of personal and biological wills, including fees and notarized signatures.
You can take out any fully comprehensive life insurance (full risk home insurance to protect life or home credit for fully comprehensive life insurance), and if you are under 50 years of age or have capital of less than 350,000 euros, you must pass a tedious medical examination.
It can take you up to age 70 and death is covered up to age 85.