United Heritage Life Insurance Company
Mortgage Insurance Products
United Heritage offers Mortgage Cancellation
Insurance with four different coverage periods: 15, 20, 25
and 30 year plans. The death benefit decreases annually on
the first day of each policy year, and remains level throughout
the policy year.
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-- Plan Period --
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15 Year
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20 Year
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25 Year
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30 Year
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| Issue Ages |
18-75
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18-70
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18-65
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18-60
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| Minimum Annual
Premium** |
$150
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$150
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$150
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$150
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| Minimum Face Amount |
$25,000
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$25,000
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$25,000
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$25,000
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**Premiums ordinarily may be paid annually or on a "modal" basis; semi-annually, quarterly or monthly.* The amount of a modal premium is greater than a simple fraction of the annual premium-for example, a quarterly premium is greater than 1/4 of an annual premium. This is because a modal premium includes adjustments for such factors as additional collection costs and the fact that the Company does not receive, and have the use of, the entire premium at the beginning of the policy year.
The difference between the total modal premiums for the year and the annual premium can be expressed in the form of an Annual Percentage Rate (APR). The modal premium APR equates the additional charges for a modal payment to the interest rate on an installment loan.** For example, at the beginning of the policy year, the amount of the "loan" would be the annual premium less the first modal premium.
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