Mortgage life insurance is a type of life insurance that is purchased to protect your home in the case of your untimely passing. It can be any type of life insurance policy (term, universal, whole), but it’s main purpose is that of protecting your home, or covering your mortgage in case you die.
Many people do not get this type of life insurance, and it is horrible when a death actually does occur and the breadwinner is no longer around to help pay off debt. Mortgage life insurance is a simple way to offer a lot of protection for your family. If you have a mortgage and do not have life insurance coverage, please consider getting some. It could be a gift like no other that you could offer your family.
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August 28th, 2008 at 5:33 am
Mortgage life insurance comes in many forms, including decreasing term life and level term life insurance.
Decreasing term life offers rates that remain the same each year, while the coverage amount decreases in line with your decreasing mortgage loan.
Level term life offers rates and coverage that remain the same throughout the term of your life insurance policy. Learn more about Mortgage Life Insurance today.