Level Term Insurance
This life insurance helps protect your family's financial security by paying off all or a portion of your mortgage balance (subject to individual policy coverage limits) if you die prematurely.
Mortgage Life is decreasing term life insurance purchased on the lives of your household's mortgage holders. The amount of insurance is generally equal to the mortgage balance, up to the policy maximum.
As the mortgage balance declines through your regular mortgage payments, the death benefit declines as well.
The premium is based on your age and current loan balance. Since this is term life insurance, the premium may increase periodically, such as at five-year intervals, to reflect your age change.
The premium may be billed independently or, for convenience, included as part of your mortgage payment.
With many policies, premium discounts are available for joint coverage that affords assurance that the mortgage will be paid off if either you or your spouse or other co-owner dies.
Mortgage Life Insurance helps enable your family to increase its options. It can buy your family time to make clear decisions, by paying off all or a portion of your mortgage, this stops any impulsive actions when faced with mounting bills.
Adequate coverage enables loved ones to live in a home of their own choosing. By paying off the remaining mortgage balance, this insurance helps ensure (up to policy maximums) that your home will remain in the family for as long as they choose to live there.