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For example, Mr. Smith obtains a mortgage loan that exceeds 80% (the typical cut-off) of his property's value and/or sale price. Because of his limited equity, the lender requires that Mr. Smith pay for mortgage insurance that protects their institution against his default. To obtain a mortgage loan insured by the Federal Housing Administration, Mr. Smith must pay a mortgage insurance premium (MIP) equal to 1.5 percent of the loan amount at closing. This premium is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.

Based upon the name, the term life insurance policy lasts one year, however it can be renewed. A good thing about this term life insurance is that after the term life insurance policy expires, if the insured (or policy owner) decides to renew the term life insurance policy, the insured does not have to re-qualify. This is considered a renewal of the term life insurance policy without evidence of insurability.