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NMB > Products & Services > Life Insurance > Universal Life > Bi-Weekly Mortgage Service

 

Would you like to retire your mortgage early?

With our bi-weekly mortgage service and universal life insurance policy, you could do just that!

A special benefit plan developed by National Mutual Benefit:

  • Offers you the opportunity to reduce the term of your mortgage by several years.
  • Could Potentially save you thousands of dollars in mortgage interest.
  • Provides mortgage life insurance protection that may be used to pay off your mortgage should anything happen to you or your spouse.
  • Works with your current mortgage and is transferable if you refinance or purchase a new home.
  • Can be initiated without refinancing or credit approval.
  • Features convenient, electronically drafted mortgage payments every two weeks.
  • For a full schedule of 2007 Bi-Weekly draft dates click here

The following illustration compares a standard monthly mortgage (Homeowner A) with NMB's Bi-Weekly Mortgage Life Insurance Benefit Plan (Homeowner B) on a 30-year, fixed-rate $150,000 loan at 6.5% interest, including $300/month taxes and $50/month homeowners insurance. It is based on a male, age 35 with a $150,000 UL policy, non tobacco rates.

 
Homeowner A
Homeowner B
Life Insurance
Mortgage Balance After
 
$1298.10 Monthly
$652.00 Bi-Weekly
Cash Value*
Cash Value Applied to Debt
Principal Balance:        
After 15 years...
$108,839
$108,839
$23,282
$85,557
After 20 years...
$83,499
$83,499
$36,021
$47,478
After 25 years...
$48,458
$48,458
$50,749
Debt Free!


* The life insurance cash value for this UL policy is based on 6% interest for all years shown. The guaranteed rate is 4.0%. Results may be more or less favorable and will vary based on each individual situation. A full illustration that includes guaranteed elements and other important information is available on request.

National Mutual Benefit is authorized to conduct business in Arizona, Colorado, Illinois, Iowa, Michigan, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin, and Wyoming. Not all products described are available in all of these states. The product described is not available in Michigan. Life insurance policies contain exclusions, limitations, reduction of benefits and terms for keeping them enforced. Your licensed insurance agent can provide you with costs and complete details.

A 0103 - Policy Forms 9510 and 9520

 

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