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How to Refinance Your Second Mortgage?

May 22nd, 2012 No comments

The process of refinancing may not be the best choice for everyone. If you have a second mortgage, you may consider refinancing if you find that it will work in your favor. Your decision to refinance your second mortgage should be based on your financial situation. It is a wise decision to refinance your second mortgage particularly after you find it would be beneficial depending on the value of your home. The other factors that need to be taken into consideration are the loan term period, refinancing costs and the reasons for taking out another loan.

Some of the good reasons why you may choose refinancing are low interest rate, consolidating your first mortgage and reducing the monthly payments. Before you decide to sign a refinance contract, make sure that you know the process of refinancing properly. Once the process starts, there is no way to move back. Read on to know about the process of refinancing.

  • Access your finances and check your credit report – Once you decide to take out a refinance loan for second mortgage, you need to access your finances and review your credit report. If you find any mistake in the credit report, make sure you get it rectified instantly. With good credit score, you will avail better chance to take out a second mortgage refinance loan. Otherwise, you may have to re-evaluate the option since you will hardly get your loan approved. If you want to take out refinance loan with bad credit, you will be required to pay high interest rate on the loan amount.
  • Obtain quotes from more than three loan providers – With good credit score, it is advisable that you obtain quotes from more than three loan providers. You may also enquire about quotes from non-traditional lenders apart from the banks. Make sure you collect information about the entire loan process, the interest rate and other necessary details that you need to know. Use this information to compare between different loan providers and select the most suitable refinance loan. In case you’re not satisfied with the lender whom you have chosen, get quotes from other loan providers and compare between them.


  • Apply for the loan and wait to get it approved – Once you choose and apply for a refinance loan, you will have to wait in order to get it approved. The loan provider will provide you a copy of the loan contract that you should read very carefully. Keep a note of the amount that you have borrowed and know if there are any closing costs associated with it. Ask the necessary questions to your lender if you have any doubt about the clauses before you sign up the agreement. Check out the amortization to be needed in order to be sure that you could afford it.

If everything is clear, you will be sure that refinancing would be advantageous for you if you sign the contract. Make sure to note down the repayment plan, structure and the maturity date. In this way, your second mortgage will get refinanced.


Term Life Insurance as an Alternative to Mortgage Life Insurance

May 9th, 2012 No comments

Whether you are purchasing a home for the first time, or recapitalizing an existing mortgage, someone has possibly recommended you to buy mortgage life insurance, which protects your liability in case you are unable to make payments. But don’t hurry into procuring a policy until you have looked at all the possibilities. You could wind up saving money and getting added life insurance coverage at the same time by buying a term life insurance policy as an alternative.

What is Term Life Insurance?

If you have dependents, you think about buying term life insurance. Term life insurance guarantees that your relations or dependent obtain the money and care they ought to have after your demise. This type of life insurance is the simplest and cheapest and is called “term” because it grants coverage for only a certain number of years (most often 1, 5, 10, 15 or 20 years…depending on the life insurance company). For this reason, it is also called “temporary” insurance. If demise occurs during the term, the policy disburses cash benefits to the recipient. But, once the term is ended, and if the policy is not continued, the coverage concludes. If death takes place after the coverage stops, no cash profits are paid out.

Term life insurance is the most uncomplicated type of life insurance and the simplest to understand. At times it is called “pure” insurance, as the policy don’t have financial investment value and nearly all your premium goes to pay for coverage, with only a little amount used to pay the insurance company’s expenses. If you are seeking for the utmost amount of coverage for your dollar, term life insurance will give you the maximum value for the money spent.

Different Terms for Different Situations

All term life insurance policies cover you for a particular amount of time-the term. The term for you relies upon how old your kids are, how many years before you give up work, and other factors. Many people like to know they are insured until they are all set to stop working, usually at age 65. Some just want to have insurance just before their youngest child graduates from college, and so they ensure that their life insurance coverage incorporates money to disburse for all of the college tuition.

Most specialists have the same opinion that you should bear insurance in any case until your youngest child is 18. So if your child is 3 now, you would want to bear your insurance for at least 15 years. But that in no way means you have to lock into a 15-year term- you could in its place purchase a yearly renewable policy and renew it for 14 years in a line up. You should estimate the total 15 year cost of the yearly renewable policy and the 15-year term policy, making alteration for the value of money and time, to settle on what the appropriate value is for you.

Using Life Insurance for Mortgage Protection

A mortgage is a substantial financial liability which is most likely pivoted upon a steady profit. Without your support, the payments may become tricky or even worse to make, impossible meet. Life insurance can be used as a mortgage payment protection plan.

The Alternative to Mortgage Protection Insurance

If taking out a mortgage has now considerably inserted into your finance, life insurance is even more important. Though some mortgage payments may make premiums for a whole life insurance policy unbelievable, there are cheaper options.

As an alternative to buying a permanent life insurance policy or mortgage protection insurance, search the option of purchasing a term insurance policy for the same duration as your mortgage. This substitute is much less expensive. The premiums will be significantly lower, but the coverage will stay the same.

Once the policy expires, you can then make a decision whether you want to renew or convert the policy or if you would rather stop the policy. This way ensures mortgage protection at the lowest cost.

The Cheapest Alternative:

The superlative choice, in terms of cost, is decreasing term life insurance, If the only reason for buying a life insurance policy is for mortgage protection, spending in this type of term insurance is your best bet.

At the start of your mortgage, you owe the majority to your lender and your mortgage protection should replicate that. But, as after few years of making payments, you will owe considerably less, so decreasing your protection is a valid move. A decreasing term life insurance policy permits this.

You can plan your life insurance policy so that your protection is the unchanged amount as your debt. Though the premiums do not diminish over time, your mortgage life insurance quote will be significantly lower than if the quote you would obtain if the policy’s coverage were level all through its term. Some policies yearly premiums are the same as the level coverage, but the payments stop former than their policy. For instance, the premiums on a 20 year mortgage protection insurance policy are necessary to be remunerated for only 16 years even though the coverage will last all 20 years.

Why You Should Consider Buying Term Life Insurance?

If you are now bearing in mind term life insurance, there are few things you can do to get improved rates. You need to start living a healthier lifestyle. If you smoke, give up. If you are beyond your ideal weight, shed off some pounds. Suppliers of term life health insurance really like people who take care of themselves and provide them lower rates than people who do not.

Term life insurance lets you get the most possible insurance for the money. It should be attained by families that have current and future financial requirements but have not yet grown the possessions to accomplish those obligations if they should die too early.

Four Ways to Get Your Life Insurance policy Approved

July 23rd, 2011 No comments

Many people will get their life insurance policy application denied for various reasons. Here are some tips to improve your chances of getting a life insurance without any hassles.

First of all, applying for life insurance will normally result in having a health examination unlike a mortgage life insurance. The policies that do not need a health examination will not provide a good return in comparison. There will be a number of questions you need to answer as a part of the application process.

Starting health insurance at a younger age will result in radically lower premiums. If that is not the situation for you, getting through the hurdles to meet the requirements will take a little extra effort. Here is a guide to getting better results and presenting yourself to the insurance provider in the best possible way.

  • Tell the truth.Answering honestly to any of the questions on the application form is important. At the same time, remember you do not need to provide any information that you are not asked for. Failing to provide correct information will probably cause your policy to be made redundant. Insurance companies often only look into the details of an application form after a claim has been made. That could mean you lose many years of your investment.
  • Only the truth.Some people will be tempted to tell the insurance company more information that was requested out of fear of not doing what is required. You only need to answer the questions you are asked. You only need to fulfil those answers in enough detail to meet the requirement of the answer. Do not answer in any more detail than is required, and do not give out any information if it is not asked of you.
  • Health and other history.Being honest about your medical and other history is important. At the same time, you may have some history that has only been recorded in another country. For example, you may have had a period of diagnosed depression in another country. Consider whether you really need to disclose that history. If it is highly unlikely, or near impossible for anyone to discover that information about you, it might well be in your interest not to expose yourself.
  • Health exam preparation.If you are preparing for health insurance, and you are of an older age, preparing for it probably a good idea. Just because you have decided to cover yourself does not mean you need to apply and have your medical exam right away. A good three months of exercise and healthier living will improve your health exam results dramatically, for example. Our bodies respond very fast to the way they are treated. Changing your lifestyle and getting yourself in better condition before your exam, will greatly improve the terms of your policy. Examine the elements of the health check, and look at what lifestyle changes will most impact your results.

Insurance does give you more than peace of mind. It will provide a resource in the worst of situations. It is at those times that most people are extremely happy about making the decisions and investments they did. Buying insurance based on priority, or at least having less of it rather than none, to match your financial conditions, is the best strategy. A perfect example is with income protection insurance. It is probably more likely you will lose your job, business and income in our modern world, than something killing you. Balance the resources you have.

Mortgage Payment Protection Insurance

July 4th, 2009 7 comments

Mortgage payment protection insurance covers monthly mortgage payments for a short term when the policy holder is not in a position to make payments due to poor health conditions, involuntary unemployment, or physical injuries caused by accident or sickness. Unlike mortgage protection life insurance, MPPI will not pay out a lump sum loan amount, neither does it pay when the insured party dies. MLINS09©

Mortgage payment protection insurance generally covers the minimum mortgage payment for up to 12 months or until the person has recovered from the incident, whichever happens first. This protection is very similar to those credit protection offers you get form credit companies that charge a small fee every month and cover your credit card payments when you are unemployed or suffer from health related injuries. The difference here is that the policy will only cover monthly mortgage payments instead of credit card payments.

Mortgage payment protection insurance is one of the aggressively marketed insurance products around. If you get a sales pitch when you are buying some other assets or loans like mortgage loans, bank loans, property title etc. don’t purchase before you do your research. Such offers tend to be more expensive than those sold through independent financial advisers.

Who needs Mortgage payment protection insurance

Creative Commons License photo credit: fr1zz
  • If your company or industry is performing poorly and if you think your job might be impacted, you should consider some kind of insurance protection. However, please note that If your company has already announced lay offs, you may not be able to purchase and then claim the insurance benefits. Insurance companies will not provide coverage in such a scenario. They may also require that you to make at least 3 to 6 months of payment before you claim any benefits.
  • If you have a single source of income and have dependents or small children, you may want to consider buying the insurance depending on the macro economic conditions.
  • If you do not have sufficient savings to cover mortgage payments and are not certain about the long term job stability, MPPI maybe for you.
  • If you have saved 6 to 12 months of living expenses in emergency funds and your job is fairly stable, you may not need the payment protection policy.

Insurance needs vary depending on your personal situation. It is a good idea to consult a financial advisers once in a while to re-asses your insurance requirements including your health insurance. After all, you may just need a mortgage life insurance which is the major living expense you need to worry about.

Mortgage Life Insurance and Mortgage Payment Protection Insurance

The main difference between the two is that mortgage life insurance will have a designated beneficiary who will receive the money to pay off the mortgage completely. Mortgage payment protection will not have beneficiary. Instead, the insurance policy holder will get assistance from the insurance company to make monthly mortgage payments for a short while, typically for up to 12 months. MPPI is meant to provide temporary relief when you are out of work due to sickness or involuntary unemployment. The mortgage payment protection insurance cover can be added to the life insurance so that you will have single policy offering comprehensive coverage.

Unemployment mortgage protection insurance

July 2nd, 2009 9 comments

In the event of a job loss, you are eligible to receive unemployment insurance from the State unemployment agency, but those benefits are not enough to cover even the living expenses for most people. If you own a house, you want to protect your house so that you don’t need to worry about finding roof to live under and instead you can look for a new job and think about how to pay bills. Unemployment mortgage protection insurance essentially covers your mortgage payments while you are unemployed. The coverage is not on permanent basis. As soon as you find a job or if you exceed the maximum allowed period, insurance will stop paying. MLINS09©

Depending on the extent of coverage you choose, job-loss mortgage protection policies cover all or part of your monthly mortgage payments. Many policies will cover 6-8 months of mortgage payments in a year. Most policies do not pay until 30 days after you are laid off and may require you to show proof of unemployment.

Most insurance companies do not pay if the mortgage owner loses jobs within 6 months of buying a mortgage protection policy. This clause is added because insurance companies do not want borrowers to sign up for a new policy if they anticipate a lay off in the company (without this protection, insurance providers may incur big losses and may have to file for bankruptcy in an economic downturn. In 2008-09 several companies declared bankruptcy or received government bailout funds in order to survive)

La rêveuse
Creative Commons License photo credit: Arslan

Policy premium and payout varies based on the insurance provider and your coverage needs. A typical policy that insures $1,000 monthly mortgage payment and covers up to 6 months of payment will cost you about $50. If your payment is $2,000 per month, you will pay a premium of $100 per month. Please note that only mortgage payment is covered by most policies. You will have to pay other expenses such as taxes, utility bills etc.

If the homeowner has emergency funds set aside to cover living expenses and mortgage payments for up to 6 months, then it may not be such a good idea to buy unemployment mortgage protection. However, if the likelihood of losing a job is high OR if you do not want to dip into your savings in such unfortunate events, you can buy this insurance.

In United States, this insurance should not be confused with the unemployment insurance offered by Department of Labor which pays a fraction of living expenses based on credits computed using your employment history. State unemployment agencies do not consider the fact that you have a mortgage or other obligations. The benefits earned are generally not enough to cover mortgage payments.

Difference between Mortgage Unemployment Insurance and Mortgage Disability Insurance

Unemployment insurance pays benefits when you lose your job involuntarily and covers a short period. Insurer generally pays for a maximum of 6 months or until you find a new job, whichever occurs first. Since most people will find a new job within 6 months, you are not likely to make full use of the benefits for the maximum allowed period.

Mortgage disability insurance will make mortgage payments on your behalf, if you become disabled due to an injury or sever health condition. This kind of insurance will generally make mortgage payments for a longer duration than the unemployment insurance. Benefits are paid for up to 2 to 5 years.

Mortgage Protection Insurance

July 2nd, 2009 1 comment

Mortgage protection insurance covers your mortgage payments in the event of death or inability to earn wages due to involuntary unemployment or health problems. The most basic form is the mortgage life insurance which pays out the mortgage balance lump sum amount to the beneficiary. Then there are various flavors added such as disability rider, unemployment cover, critical illness etc., so that you will have a comprehensive coverage if you desire.

The idea is to protect our house from the lender when you are not able to make payments. MLINS09©

Mortgage protection insurance and mortgage life insurance are same products but marketed with different names to have a different appeal to the consumers. Please refer to mortgage protection insurance article to learn the consumer needs, eligibility terms, policy restrictions and the major insurance providers. In this article, we list the major types of mortgage protection insurances.

Types of Mortgage Protection Insurance

Insurance and financial products used to be simple and easy to understand. Not any longer. Life insurance comes in many flavors (whole life, term life, universal, return of the premium etc.) and so does the mortgage life insurance. There are specific types of policies to cover the life risk, disability, critical illness, and unemployment risks. More choices are always good for you, provided you understand them clearly and have the tools to help you choose the right product or a combination of right products. Broadly speaking, there are four broad types of mortgage protection insurances each explained here separately.

Mortgage Life Insurance

This is the most basic form of mortgage life insurance which covers only the life risk. The policy holder will insure his mortgage and a designated nominee will be the beneficiary. In an unfortunate event of death, the insurance will pay off the mortgage fully and the beneficiary (generally the spouse) will own the house with no obligation to make monthly payments. Generally, the mortgage lenders offer this kind of insurance and the premium is added to the mortgage payments. However, note that insurance premium will be a lot cheaper if you shop around and choose an independent insurance provider, instead of going with the mortgage lender or with the mail offers. Borrowers aged between 16 and 64 years can purchase this insurance.

As an alternative, you can buy term life insurance for bigger amount that covers the mortgage as well as your living expenses. In any case, the premium paid will be lost if you stay alive after the policy maturity, unless you buy Return of the Premium policies which will refund the premium paid along with interest. However, such whole life policies tend to be more expensive since the insurance company will have pay you either ways.

The next 3 types of policies are add-on products that could be attached to the mortgage life insurance. These are called covers or riders which are basically additional clauses in the insurance to cover extra risk.

Mortgage Disability Insurance

While the mortgage life insurance pays off the mortgage fully, the mortgage disability insurance will just pay your monthly mortgage payments when you become disabled. The coverage will be for short term only. The insurance company will make monthly payments on your behalf for up to 3 years or until you recover from the disability, whichever occurs first. The disability insurance rider can be added to the life insurance so that you will have a comprehensive coverage with a single policy. While other kinds of insurances cover death, job-loss etc., this insurance will cover disability and come to your rescue when you cannot work due to physical conditions. You are buying the peace of mind knowing that you do not need to worry about your mortgage payment during disability. This is kind of insurance is offered by your employers as well and the premium tends to be cheaper and comes with an option to increase the coverage based on your needs. To learn more, check Mortgage Disability Insurance article.

Unemployment mortgage protection insurance

Losing your job is a painful experience, more so if you do not have emergency finds to take care of your living expenses and mortgage payments. In the event of a job loss, you are eligible to receive assistance from the State unemployment agency, but those benefits will not be enough to cover even the living expenses for most people. You want to protect your house so that you don’t need to vacate your home for failing to make monthly mortgage payments. House foreclosures, short sales will have adverse effect on your credit history and should be avoided at any cost. That is where unemployment mortgage protection insurance will help you make mortgage payments while you are unemployed.

Based on your need, job-loss mortgage protection policies can cover all or part of your monthly mortgage payments. Such policies will cover a maximum of 6-8 months of monthly payments in a year. Most policies do not pay until 30 days after you are laid off and may require you to show proof of unemployment. Many unemployment insurance policies do not provide coverage for the first 6 months of the policy period. This clause is added because insurance companies want to avoid those who sign up for a new policy when lay off in the company is anticipated. Refer to unemployment mortgage protection insurance article to better understand such restrictions.

Mortgage Critical illness Insurance

Just like unemployment insurance, critical illness insurance will also pay the benefits to the insured, not to the beneficiary. You will be insured against sever health conditions such as stroke, heart attack, kidney failure, cancer etc. among several other diseases listed by the insurer. If you are critically ill, the insurance will make a lump sum tax free payment to pay off your mortgage or other liabilities. Only those health conditions pre-approved by the insurer will be covered, but most companies cover the major diseases.

Critical illness insurance is popular in Europe and Australia, but is also gaining popularity in United States. Most policies require that the insured person survive a minimum survival period, generally about 30 days. You can get critical illness cover for the mortgage or for the life, in which case the lump sum amount can be used for other purposes including mortgage payoffs. You can expect to go through thorough medical exam when you apply for a policy to make sure there are no pre-existing conditions. Your premiums may be higher if you have a family history for any of the listed diseases.

You will be able to add critical illness cover to your mortgage life insurance so that one policy will provide all the coverage.

Mortgage protection insurance is different from Private Mortgage Insurance (PMI), which provides insurance protection to mortgage lenders. You will pay insurance premium for PMI when you are buying a house and do not put 20% down payment. This insurance will protect your mortgage lender in case you cannot make payments and lose the house.

Mortgage Disability Insurance

June 13th, 2009 5 comments

Mortgage disability insurance will pay your monthly mortgage payments when you become disabled. These policies will cover your monthly payments for 2 to 5 years or until you recover from the disability, whichever is sooner. You can add the disability insurance cover to your life insurance so that you will have a comprehensive coverage. While other kinds of insurances cover death, job-loss etc., this insurance coverage will come to your rescue when you cannot work due to physical conditions. You are buying a peace of mind knowing that you do not need to worry about your mortgage payment until you return to work. MLINS09©

Superman in a Wheelchair
Creative Commons License photo credit: A.Currell

The insurance monthly pay out is generally between 60 to 70% of your monthly income. The payment is determined by your average salary, age, and the extent of coverage you choose. In many cases, the payment maximum is set to $2,000 for basic coverage. Review your monthly mortgage related expenses and figure out the amount of coverage you need. These days, most employers offer optional disability protection for a fee and in some cases it might be enough if you are looking for basic coverage.

Long Term Disability Coverage

Most mortgage disability insurance contracts will not cover the long term disability beyond 5 years. Be sure to check your policy to understand the coverage restrictions for long term disability. Most people do not need the coverage beyond 5 years continuously, unless they have terminal illness which is a very rare condition and conditions like that demand better health insurance coverage. Disability insurance will cover your monthly payments including the escrow payments such as county taxes, home owner’s insurance etc. However, the monthly payment you receive cannot not be greater than your monthly mortgage payments including taxes, home owner’s insurance etc.

You can receive disability benefits many times in your lifetime even though cause is same. However there will be restrictions such as 6 months quiet period. You may be permitted to apply for new disability only 6 months after your first disability period. Some companies do not have such restrictions. Check with your insurance provider for more details.

Mortgage Critical Illness Insurance and Mortgage Disability Insurance

While disability insurance and critical insurance are very similar products, there are some differences between the two. Critical illness insurance will pay a lump sum amount and supposed to provide sufficient funds for a longer duration. Disability insurance will pay monthly payments and the coverage will not last longer than 12 months. Disability coverage and premium is based on your work history, salary etc. while the critical illness coverage is based on family medical history and medical exams. The insurance pay out is generally tax free in both cases.

Mortgage life insurance and disability insurance

Mortgage life insurance pays out in the event of a death of the borrower, but may not pay during disability. Disability insurance will complement the life insurance so that you will have complete coverage. Take note that disability insurance cover can be added as a rider (additional clause) to the life insurance so one policy will cover all aspects.

Waiting Periods for Critical Illness Disability Insurance

Many mortgage disability insurance policies will have a waiting period (also called elimination period) ranging from 1 month to 3 years, before they pay your first or subsequent claims. The longer the waiting period, lower is your insurance premium. So by choosing a longer period, you can reduce the insurance costs, but ensure you have enough savings to cover the living expenses including mortgage payments if you are choosing longer periods.

Insurance companies reward you for choosing a longer waiting period so they can avoid those policy holders who purchase mortgage insurance knowing that will benefit from the policy sooner. A person with a critical health condition may buy a policy with immediate coverage is one such example. If you are a healthy person and have enough living expenses covered for several months, then you can save on insurance premium by choosing longer waiting period.

Important things to know about disability insurance

As always, do not choose an insurance product just because it is cheaper than its competitors. Do your research and ensure the company is in good standing and takes care of its customers. You can research online for customer reviews, company ratings, BBB ratings and rip-off reports for any company. Due diligence will pay off!

Apart from fraud concerns there are some important things your need to verify before you cut the check.

  • Some disability insurance policies do not cover the incident if you are already covered by another similar policy. Disability insurance is generally offered by your employer for a group negotiated fee. If you have the coverage from the employer, the additional coverage you buy might not pay out due to this clause. Make sure you understand such restrictions. In some cases you may be better off getting additional coverage from your employer provided disability insurance, which tend to be cheaper if you work for a big company.
  • Some policy terms dictate that you will be paid only if you become completely disabled. You should not choose such policies. Instead, make sure the policy will pay out if you cannot perform your regular work duties due to disability. That means regardless of the level of injury or disability, you will covered of you are not able to earn a living due to your physical conditions.
  • Many of the reputed insurance companies like State Farm offer disability insurance. Start exploring your options from your auto or home insurer first.
  • Review your social security benefits which might be enough if you are looking for basic coverage. Please note that social security coverage tends to be very restrictive and will pay out only when you are completely disabled.
  • Disability insurance is meant for those who are working full time. If you are not on someone’s payroll or running your own business, you may experience difficulties with getting the coverage.
  • The insurance premium is not tax deductible; however, the payout amount is generally tax free.

Mortgage Life Insurance Companies

May 24th, 2009 3 comments

Mortgage life insurance protection plans are not actively advertised by major insurance companies although they provide some kind of mortgage protection or life insurance. One of the reasons for this is that the companies probably want to simplify their offerings. They offer the coverage mortgage protection plans through their term life or whole life policies instead of directly marketing mortgage protection insurance plans to the consumers. MLINS09©

If you are unsure what kind of mortgage protection you need, please refer to mortgage protection insurance which helps you understand different kinds of insurance policies available to you. First, decide what kind of insurance policy you need, instead of contacting the insurance agent directly. Some commission based agents may push sell you the plans that you may not be optimal to your situation. If you are unable to decide, you can at least get knowledgeable about all plans and ask the right questions when you contact the insurance agent.

As always, do your due diligence before you buy the policy. It is a good idea to buy the coverage from a reputed company even though it costs little more. Compare rates, get price quotes and make sure you check BBB ratings before you write a check. Finally, ensure your living will is updated with this policy information.

Mortgage Life Insurance Company Choices

Here is a list of major insurance companies that offer specialized mortgage life insurance plans. This is just a starter if you are not sure where to go and is not meant to be an exclusive list of mortgage insurance companies.

State Farm

state farm insurance
State Farm is one of the leading insurance providers in US and Canada. Founded in 1922, the company now offers life insurance, auto insurance, and banking services. State Farm’s 17,700 agents and 68,600 employees serve 81 million policies and accounts – more than 78.7 million auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 31 on the Fortune 500 list of largest companies.


Nation wide Insurance
Nationwide is one of the largest insurance and financial services companies in the world, focusing on domestic property and casualty insurance, life insurance and retirement savings, asset management and strategic investments. The Nationwide family includes many affiliate companies covering life insurance, financial services, property and casualty insurance and asset management.

Over the last 80 years, Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world, with more than $135 billion in statutory assets.

All State

All State Mortgage Life Insurance
The Allstate Corporation is the largest publicly held personal lines insurer in the United States. Allstate sells 13 major lines of insurance, including auto insurance, home insurance, life insurance, and commercial insurance. Allstate also offers retirement and investment products, and banking services. Its advertising campaign is centered around its “Your Choice Auto” product, which offers accident forgiveness and lower deductibles.

NAA Life

NAA Life Mortgage Life Insurance
NAA life is not an insurance company, instead it provides you assistance with buying insurance. They represent number of insurance companies and financial products, not limiting you to a single company’s products. NAA Life offers financial products that will service your needs and are cost effective. NAA Life –