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While many people need van insurance long term, in some cases there is a need for short term van insurance. If you are a driver that rarely uses your van, then private van insurance for 48 hours can be a great choice for you. There are options available for private use and business use as well when it comes to temporary cover. So, why pay out money for a policy that covers you all year when you only need insurance for a few days? You can save a huge amount of money when you go with private van insurance for 48 hours.

Great for Businesses that Need Short Term Cover

If you have a business and you just need some short term cover, short term insurance for your van is an excellent option. In some cases you may only need to use a van for a commercial use a few times a year, so you won’t want to keep a policy on that van all the time. It can be expensive to keep a van insured all year long, so why not just go with a short term insurance that lasts for 48 hours or even for a week, so you have the cover you need without spending a huge amount of money all year long on cover you don’t need.

Excellent for Vacations

You’ll find that private van insurance for 48 hours is excellent if you are planning on going on vacation. While you may never use you van on a day to day basis, if you are going on a vacation, you may want to take a van since it has more room in it. In this case you’ll need some insurance while you’re gone, so some short term van insurance will be just what you need. So, don’t go on vacation without great private insurance that will cover you while you are away.

Quick and Easy to Get

You’ll also find that private van insurance for 48 hours is quick and easy to get. Usually you can easily find it online and within a few minutes you can get the cover that you need. So, if you have a van that you rarely use, consider going with some form of short term insurance when you need it.

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The Federal Housing Authority’s home buying programs require that a mortgage insurance premium (MIP) of 1.5% of the amount of the loan be paid upon closing. Fortunately, homebuyers can finance the cost of the MIP into their mortgage amount. An additional .50% MIP is added in the PITI (principal, interest, taxes, and insurance) of each monthly payment. Condominiums do not require the 1.5% up-front MIP, only the monthly .50%.

FHA loans carry a higher mortgage interest premium than conventional loan programs, which only demand MIPs as little as .5% (for those homebuyers putting 10% down), with a renewal rate as little as .3% in subsequent years.

It is a widely-known fact that FHA mortgages help a wide variety of Americans who otherwise would not be able to afford a home to buy one. FHA insured loans are not for everyone, however. Though the down payment and therefore up-front costs are lower on FHA mortgages, the monthly payments might possibly be higher.

There is no clear-cut rule to whether a specific FHA loan would cost you more or less than a conventional loan. Just as with conventional mortgages, different FHA mortgages have different interest rates and different loan terms based on numerous factors, not least of which is your credit. With a conventional loan, your credit is considered jointly with your income.

As FHA loans are designed more for low-to-moderate income households, an applicant’s credit is weighted even heavier. The result of this could potentially be higher interest rates and (with the additional cost of monthly mortgage insurance premiums) higher monthly payments than you could get by coming up with a larger down payment and getting a conventional loan.

Of course, that is not always an option for would-be homebuyers. Fortunately, many of the closing costs associated with FHA mortgages can be financed into the loans. The FHA also helps homebuyers by imposing limits on how much money mortgage companies can charge in certain fees, such as loan origination fees which, according to the restrictions placed upon FHA lenders, cannot be higher than 1% of the total loan amount.

The most striking fact about the cost of FHA mortgage insurance however is its cost to taxpayers, that being nil. FHA mortgage is totally self-funded, with the money paid by borrowers in mortgage insurance premiums going directly into an account which pays for the FHA’s expenses. The bottom line of this is that not only do FHA-insured mortgages and FHA mortgage insurance benefit borrowers and lenders alike, but all hardworking American taxpayers as well.

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Mortgage insurance can really be costly. Every month when you see the description of your mortgage installment it may surprise you that a big proportion of the payment is actually taxes, fees and insurance. It is possible, however, to eliminate the need for mortgage insurance provided that you meet certain requirements.

Mortgage insurance can cost thousands of dollars over the whole life of the loan. In many cases people agree to get insurance with the company associated with the lender that may abuse this situation overcharging customers. You should know that you have rights on this matter and that the lender cannot decide which company you work with.

Private Mortgage Insurance

Private Mortgage Insurance (PMI) is compulsory when your mortgage loan exceeds 80% of the property’s value. The idea is that if anything happens to you and you can not meet the monthly payments, the property is ruined, burned or reduces its value for other reasons, the insurer will compensate the lender for his loses.

PMI grants the lender an extra assurance for repayment in case something unexpected happens that is beyond the control of the lender, the borrower and the legal system. This reduces the risk for the lender but increases the cost for the borrower. Thus, it is only required when the loan exceeds a certain amount of the value of the property.

Conditions For PMI Elimination

Thus, the condition for PMI elimination is that the debt to value ratio is reduced below 80%. This can be achieved with the accumulation of the monthly payments that reduce the debt secured by the mortgage or by a raise on the value of the property that also alters the debt to value ratio lowering it.

Nevertheless, you need to read the loan contract thoroughly in order to understand if there are additional requirements and you also need to analyze the offers provided by other lenders and by your current mortgage lender to see which percentage is currently being required to waive the PMI requirement.

Method For PMI Elimination

In order to get rid of PMI, you will need to refinance your home loan. There is always the option to request your current lender to consider eliminating PMI from your outstanding mortgage but, that would also be a form of home loan refinancing since the terms of the loan would be altered.

Truth is that by refinancing with other lenders you have more chances of getting a better deal. Your current lender is already earning money at your expenses and chances are that he will not be open to negotiations. Other lenders, on the other hand, will be fighting to have you as a new client and will present you with different loan options.

Provided that you get a low debt to value ratio, the possibilities to get a home mortgage loan without PMI are on your side. Just get in touch with various lenders and request loan quotes from them letting them know that you seek a non PMI home mortgage loan and that you are consulting with several lenders. Do not miss the opportunity to bargain a little on the interest rate too, you may save thousands of dollars by doing so too.

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During the subprime boom, most home buyers stood clear of mortgage insurance, even while getting 100-125% financing on their home.  Now a lot of them are facing foreclosure and wished they had digged deeper to find out the pro’s and con’s of Mortgage Insurance.  However, with the collapse of the subprime industry, anyone purchasing or refinance that are borrowing 80% Loan-to-Value are higher, don’t have a choice and are required to get Mortgage Insurance.

What is the purpose of Mortgage Insurance?  Simply put, this type of insurance will pay the lender back in the even the home owner defaults on the mortgage.

Now let’s look at the benefits that mortgage insurance has to offer for the borrower.  Mortgage insurance allow First Time Home Buyers that don’t have or don’t want to put down a large 20% down payment but instead 3-5% down payment, while at the same time reducing the risk for the lender.  Now that’s a big chunk of change to keep in the borrower’s pocket, which can be used towards closing cost, remodeling house, or an emergency fund etc.  The average home price in my neck of the woods in Florida is about $200,000.  So that means a first time home buyer would need to have at least $40,000 as a down payment, if they were considering buying a home and lets not forget there is closing cost associated with the loan, but I will leave that topic for another article.

Mortgage insurance is usually about 7% of the monthly payment, which also makes it an affordable option.  Most lenders are flexible and allow the borrower a few different payment options such as, either adding it to your monthly mortgage payment, which seems to be the most common, or paying it in a lump sum which would be included in your closing cost at the time of closing and also the option to have it financed into the loan.  I am seeing this last option of having the mortgage insurance financed into the loan become more popular recently, as it offers more tax benefits.

Now let’s look at each option in greater detail.

-Monthly Mortgage Insurance Payment Option- You will pay this insurance premium each month, when you receive you monthly mortgage statement, it will have the following break down.  Principal and Interest amount, tax, insurance, and mortgage insurance.  You will be required to keep this insurance premium on the loan until the loan reaches a 78% loan to value and you have paid the loan on time for the last 12 month.

-The Lump Sum Option- this allow the borrowers to pay the full premium for the duration of the loan instead of monthly, and also some lenders now allow for this lump sum premium to be financed into the loan.

-Lender Paid Mortgage Insurance – Typically what you will find in this situation is that the lender will charge a higher interest rate and in return cover the cost of the mortgage insurance premium.  The benefits of this option are that this type of loan will come with lower out of pocket closing cost and great tax advantages.

Mortgage Insurance when properly understood is more a friend that a foe, and I see it everyday as south Florida home owners who face foreclosure, wished they had mortgage insurance on their side.

Mortgage Insurance has opened the doors for many cash strapped renters and has helped them realize the dream of home ownership.  When choosing a mortgage whether it’s for a purchase or refinance, it is important to work with a mortgage expert that can explain the different options that will benefit you the home owner.

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Most people feel that whole life insurance is expensive than term life insurance and hence do not even take a look at it. However, whole life insurance is actually more attractively priced compared to term life insurance. Here are some reasons why.

Whole life insurance premiums are guaranteed over the life of the insurance policy. That means, as you age, the whole life insurance rates never changes. You can expect to pay the same amount every year that is guaranteed to pay cash value upon the insurance policy’s maturity.

Whole life insurance also provides better health coverage compared to term life insurance. Usually, your insurance rates will increase when you have contracted an illness or disease but for existing whole life insurance policy holders, the rates remain the same.

Even though term life insurance rates may seem cheaper at the beginning especially when you are still young, they increase as you age. If you have contracted any illness when you age, then your insurance rates will increase even more.

For whole life insurance, the rates remain the same throughout your policy. So, in the long run, you actually end up paying less for whole life insurance policy.

Most whole life insurance policies have a guaranteed cash return upon the policy being expired. Also, taxes are exempted so you do not need to pay taxes on your insurance policy.

When looking for whole life insurance, don’t be fooled by those cheap insurance premium rates. It is important to look at what are being covered particularly regarding health coverage as well as how much you can get back when the policy expires.

Some whole life insurance companies also provide additional riders for other terminal illness and diseases. These will usually increase your insurance premium rates.

Ultimately, make sure you do your research before buying any type of insurance policy.

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Many people complain about mortgage insurance costs and how it turns mortgage payments too expensive. Few people know what mortgage insurance is and what it protects you from. It is not that people would stop complaining if they knew but at least they would try and find a suitable insurance company providing a balanced solution in terms of coverage and price.

Since the insurance market is highly competitive it is possible to obtain both a complete coverage and an affordable price. You just need to shop around and do not go for the first offer you receive. You may want to search on your own instead of hiring a broker but always remember that it is possible to obtain high quality mortgage insurance for a reasonable price.

Mortgage Insurance Concept

One of the main risks of mortgages is that if you fail to repay the loan which is secured by your property, then the property can be lost to repossession or foreclosure. Someone may be incapable of affording the mortgage monthly payments due to illness or unemployment. Mortgage insurance is meant to protect the insured from losing the property due to the above reasons or other by providing the funds needed to keep up with the monthly payments.

Usually, mortgage insurance starts payments immediately after the claim is processed and even if the claim is accepted some time after the illness started, the accident occurred or the lose of employment happened, insurance will cover for any previous payments that should have been made immediately after the claim was made so as to avoid damage to the insured’s credit.

Importance Of Retroactivity

Retroactivity of payments is a very important issue. If for any reason your mortgage insurance does not pay a due mortgage payment, there are many legal consequences that can affect your right to the property and your credit. Therefore you should check your policy to see which the requirements for filing a claim are and make sure to file it as soon as the event depriving you of your income occurs (illness, accident or unemployment).

Failure to do so can let the insurance company pay only for the mortgage payments due after your claim was filed and therefore you may have to pay the previous due and unpaid ones out of your pocket with your own savings if you have them. Or worse, the payment can be left unpaid affecting your credit and risking your property.

Obtaining A Cheap Mortgage Insurance Deal

Mortgage insurance does not necessarily have to be expensive. Truth is that since the insurance industry is extremely competitive, if you take your time to decide which insurer and which policy is best for you, you can get a great deal.

The best way to obtain a cheap mortgage insurance policy is to search around for different insurance companies and request quotes to analyze the offers. You can also hire an insurance broker which can do the job for you saving you the time and effort needed to achieve your goal: Obtaining an Inexpensive Mortgage Insurance.

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The American Cancer Society estimates doctors will diagnose over 1.4 million new cases of cancer in the U.S. in 2007, with more than 559,650 cancer-related deaths. If you are among the majority of cancer patients and survive for at least five years following your diagnosis, you may face another fight: buying life insurance.

Buying life insurance for cancer patients is challenging, but not necessarily impossible. Your chances for securing a policy depend greatly on the type, stage and grade of the cancer, and even on the treatment plan. There is a relationship between the rate you’ll receive and the curability of your cancer. Certain types of skin cancer, for example, are considered very low risk by life insurance companies and a skin cancer history may not even impact premiums.

Applicants with common and treatable forms of ****** and prostate cancer may be able to get a “standard” rating under ideal circumstances. But patients with a history of leukemia or colon cancer may fall into a “substandard” or “high substandard” rating at best, or receive declines. Anyone with cancer that has metastasized likely won’t be able to obtain a policy.

Dr. Charles Levy, senior vice president and chief medical director of AIG American General Domestic Life Insurance Cos., says, “We’re better and better able to differentiate the risks of individual cancers.” Life insurers like AIG American General have sophisticated tables to determine premiums, where they can factor in cancer types and treatments. The end result is better premiums because applicants aren’t lumped together as an “average.”

Most insurers will not offer a policy to someone who is still undergoing treatment for cancer. Depending on your type of cancer, the life insurer may also want to add a surcharge, also called a temporary flat extra. For example, AIG American General sometimes charges temporary flat extras for two to five years, depending on the applicant’s cancer and treatment. The good news is that although these extra premiums can be expensive, they will automatically disappear after a set period of time.

Cancer insurance risk specialists

While a dedicated life insurance agent will search cancer insurance companies to find insurers that will sell you a life insurance policy, in some cases you may be better off seeking out a broker who specializes in finding life insurance for people who have a history of cancer.

These brokers will know the specific questions underwriters will want answered when considering your application. Many brokers have developed relationships with several insurers, so they know which companies offer the best-priced life insurance policies for cancer survivors. Some brokers have experts who specialize in gathering your medical records and organizing them.

By directing your application to life insurers that will view your application most favorably, these brokers will help you find the most accurate price quotes and the lowest premiums for life insurance. Always check the financial strength of the insurer before you buy any policy and be sure that the agent or broker you choose is licensed in your state.

Life insurance strategies for cancer survivors

If you are a healthy cancer survivor, life insurance is even more feasible. There are things you can do to ensure you’re getting the best premium offers possible for your situation.

1. Gather all possible medical records before you apply, from the first pathology report to medical records to treatment records. That ensures medical underwriters have the most complete picture of you, your health, and your cancer history. Having all those records before you apply for cancer insurance will reduce delays in your application process, because your life insurer is going to request them and will wait for them. The information you provide can garner you better premiums in the end: The less life insurer underwriters knows about you, the more likely they are to have to assume you are the highest risk and offer you high premiums accordingly. According to Levy, “If it’s fuzzy, we’re more likely to err on the side of conservatism.”

2. Make sure you have complied with your doctor’s treatment plans. For example, says Levy, if your doctor asked to see you back in one year and you haven’t been back in four years, get to your doctor for your check-up before you apply for life insurance. Your life insurer is not going to offer you a policy without before seeing the results of that check-up. Similarly, if you’ve had ****** cancer and you’re due for a mammogram in December and you apply for cancer insurance in October, your life insurer will likely wait for the results of your next mammogram.

3. Get prices from several companies. Policy costs can vary a great deal among companies.

4. See if you can get group life insurance through a professional, fraternal, membership, or political organization to which you belong.

5. Consider a “graded” policy (one with limited benefits) if you cannot get full death benefits. In the first few years of a graded policy, the company pays only the premiums and part of the face value if the insured person dies of a condition, such as cancer, that existed before the policy took effect. If the insured person dies after the specified grading-in period, the company will pay the full face amount of the policy.

If your cancer has been successfully treated, and you are otherwise in good health, you can likely obtain a cancer life insurance policy. If you can show that you are healthy and your treatments have gone well, several insurers may compete for your business.

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1. How does a life insurance company decide how much a particular policy costs?

The price of a life insurance policy is a life insurance company’s calculation of the amount of cash necessary to gather from each member of the life insurance pool. The price is always dependent on the mortality tables and the calculation of the size of the risk the life insurance company is taking on by being the insurer of your life insurance policy.

2. How does a life insurance company assess their risk in insuring an individual?

When somebody applies for a life insurance policy, the company will inquire about their health status and often require a medical exam. The life insurance company will use information gathered to determine if and how they want to insure the individual.

This determination of “if” and “how” is referred to as “underwriting.” There are not many limits on the type of information underwriters can take into consideration.

3. Do all life insurance companies require a medical examination?

Often companies will require a physical medical examination prior to agreeing to insure an individual. Generally, they have a company doctor that will conduct this examination. This doctor or medical technician may have their own office or may even come to the potential insured party’s home for their convenience. The insurance company should not charge the potential insured party for this exam.

4. What types of questions will the life insurance company ask when applying for a policy?

It is common for life insurance applications to ask the following questions:

Do you regularly use tobacco or tobacco products? Life insurance companies strongly believe that smoking or using tobacco products in any form can make an individual’s life shorter and will charge higher premiums for smokers.

Do you have AIDS, cancer, heart disease, or are you HIV+? Depending on the severity of any health conditions such as these, a life insurance company may sell you a policy at the normal rate or possibly charge you a more expensive price. If the health problem is extremely severe, most life insurance companies will directly reject your application.

Do you have a hazardous career? With more dangerous jobs, companies tend to charge a more expensive price for a life insurance policy. If your job requires an above average amount of risky, life threatening behavior, expect a higher cost for life insurance.

Does your immediate family have a history of fatal diseases or death at a young age not due to an accident? The life insurance company is not barred from questioning you about you and your family’s health history. Diseases that commonly run in the family that are fatal, such as heart disease, Sickle Cell Anemia, or cancer may cause a company to reject your application or charge you a higher rate.

5. What other questions can I expect to be asked?

A life insurance application may ask seemingly unrelated health questions to ***** high risk behavior.

Some of these questions may include the following:

In the past seven to ten years have you ever been arrested for driving under the influence? Diagnosed or medically treated for cancer, AIDS, HIV, chronic lung disorder, heart disease, diabetes, stroke, or liver problems? Recommended by a medical professional to cease or reduce drinking alcohol?

Are you currently or have you ever been disabled or forced to retire due to an illness or injury?

Answering “yes” to any one of these inquiries may result in getting a life insurance application denied, it is far better than answering dishonestly and then having a claim refused later down the line. This outcome could result in your beneficiaries getting nothing if you should die.

6. Can life insurance companies use genetic testing to determine whether or not they want to insure someone?

Life insurance companies often use genetic testing to learn as much as possible about their potential clients. By administering a blood test, companies can determine not only what diseases you may currently have, but ones you may get in the future as well. Some states do not permit this kind of testing for health insurance purposes, but generally for life insurance, genetic testing is permitted.

rance vs. whole life being shown side by side will quickly show the significant differences between the two. The investment known as a whole life policy is called whole life because it is something that can be used and will last, throughout your entire life. Life needs change and some people do not need to consider life insurance as an investment, so they will choose term life, which covers a specific time period.

When looking at the cost of whole life versus that of term life it may seem like an easy choice, but being informed about the facts and the variety of differences will show why the price is so different. As your whole life policy increases in value, building equity, you can take a loan or cash out of it. Since there is not set time period for it to expire, the financial asset is always a reality.

Vehicle, mortgage and accident or disability type insurance is quite similar to term insurance. When an event occurs, term life pays. In the case of term life the only qualifying event is death, so the designated beneficiaries would have the money when you die during the term period that you paid for. When a family is surviving off a single income it is crucial for an insurance policy that will give them financial stability in case of the death of the income earner.

Whole life policies and term life policies have an 8 %to 10% difference in cost with the term life policy possibly increasing while the whole life policy will remain at or near a fixed rate. Age is a deciding factor for term insurance rate changes. Percentage increases may also be affected by how long you hold your term policy. Annually renewable policies, those that are reviewed yearly, are these types of policies.

Just because a policy is a term life policy, does not necessarily mean that the older you get the higher the price will go. Term life policies are important when families have a lot of debts to pay, but not much in the way of assets to pay them with, this changes as financial needs change. A whole life policy is different, as it is an asset that you are investing in throughout your life. Real estate purchases being some of the more important investments in your life can be secure with either insurance choice in the event of your death.

Contacting a financial adviser is a wise choice when looking at term and whole life policies. Knowing the facts and having good information is important because there are such distinct advantages associated with each product.

Insurance companies offer a variety of policies and the agents selling them will have their own reasons for sharing product information with you. Commission based policies can be sold, sometimes, simply based on how much money the agent will make off of the policy. Taking your time and doing the comparisons will assure that you have made a life long, financially solid decision.

Many options are going to be available to you when you compare term insurance vs. whole life insurance. The choice will continue once you have decided on term or whole life as each offers a variety of unique aspects that will be a part of your over all investment package.

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What is term insurance? This is one of the questions I get from time to time. People want to know how it works. What are the advantages to owning a term policy? What are the disadvantages?

Term insurance is simply a policy designed to take care of a specific need, or a number of needs, for a predetermined period of time. What are some of the needs that a term policy would fit into? Let us take a look at a few of them.

Young Married Couple

You are recently married and still in your twenties. You have big plans for your spouse and yourself. You both recently graduated college and you plan to buy a home in the near future. You are not in a hurry to have children but you and your spouse plan to expand the family in the future.

Your first consideration is to protect your spouse in case of your premature death. You want a policy that would guarantee that a good portion, if not all, of your income continues.

When you buy a home you certainly don’t want your other half to lose it if you died. A mortgage term life insurance policy would certainly take care of that,

As you know you will have children you may as well get some term insurance now. A 25 year or 30 year term policy will probably be best. That should cover your loved ones up to and through the college years.

The great advantage is that term life insurance is cheap insurance in any form. It is even cheaper for young people. The older you are the more it costs buy once you have it the premiums usually remain level.

Middle Aged And More Mature People

You are progressing in years. The children are grown, have graduated college, and are possibly considering their own little families. It is only your spouse and yourself now. You have done fairly well with your investments. You feel that you would like to leave something extra for your life partner. A small term policy would be good to take care of final expenses. If your estate is large you may want a policy sufficient to pay the Federal Estate Taxes when they fall due.

There is one other thing to think about. You may have a grandchild that you just adore. You could buy a term policy to help with his or her college education.

Business People

Business people use term life insurance to fund buy sell agreements in case of the death of a partner or shareholder. They also use it to cover the business in case a key employee dies.

Conversion Privilege

Term life insurance is temporary insurance but it is cheap insurance. Some of them allow the owner to convert the policy to a permanent policy within a specific period of time. This helps guarantee that you will always have life insurance if you need it. You may find that as you get older you develop some medical condition that would prevent you from buying new life insurance. You wouldn’t qualify. If you have a term policy with a conversion privilege the company has to convert to any permanent policy you choose, regardless of the condition of your health.

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