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Some useful information about insurances, policies and programs:

Private Mortgage Insurance (PMI) is default insurance on mortgage loans, provided by private insurance companies. PMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage. The Homeowners Protection Act of 1998 requires PMI to be canceled when the amount owed reaches a certain level, particularly when the loan balance is 78 percent of the home's purchase price.

The term life insurance policy will state how many times it can be renewed, or up to which age it can be renewed till. Therefore, there is always an option to extend the term life insurance coverage regardless of a health background or hazardous occupation.



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