A simpler way to protect you and your loved ones.
We combine your mortgage and life insurance for simplicity. You pay half of the amount bi-weekly instead of the full amount monthly to help cover your mortgage and life insurance.
Income Tax-Free* Death Benefit
This plan provides coverage for one or two people. It has an income tax-free death benefit, which could help your loved ones pay your mortgage if something happens to you.
Universal Life Insurance has a cash value, which can grow over time if you pay enough in premiums. Eventually, you can use the cash value to pay off your mortgage early or to cover unexpected expenses.**
Paying off your mortgage early using the cash value of your life insurance may save you thousands of dollars in interest payments. In most cases, your life insurance coverage would end if you choose to do this.
*According to current tax laws, IRC Sections 101 & 7702. **Cash values can be accessed through loans and/or withdrawals, but these will reduce the death benefit. In addition, withdrawals from some policies may be subject to surrender charges and could have a permanent effect of the cash value and death benefit.
The Bi-Weekly Benefit Plan is an alternative method of making mortgage payments that is combined with a universal life insurance policy. Instead of paying your entire mortgage once a month, BetterLife drafts your account for half of the amount every two weeks and makes your monthly mortgage payment for you. By paying every other week, you make two additional half-payments each year, which are used to help fund a universal life insurance policy.
Combining your mortgage and life insurance payments minimizes the number of bills you have to pay. Since many people are paid on a bi-weekly basis, it is convenient to budget for mortgage payments that coincide with their pay schedule. The plan works with any mortgage, old or new, without refinancing, requalifying, credit checks, or closing costs. If you ever move or refinance, simply provide us with your new mortgage information.
Over the years, the balance of your mortgage goes down and the cash value of your life insurance policy goes up. When you have built up enough cash value, you can make a withdrawal from your policy or take a loan from it to make a payment toward, or even pay off your mortgage.**
Phillip, South Dakota
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Did you know that when you purchase a life insurance policy with BetterLife, you are automatically eligible to apply for any of our exclusive Member Benefits?
Our Member Benefits are designed to help you live a better life and range from assistance with out-of-pocket health expenses to funds that can help you support your community.Learn More