Mortgage Life 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. There are som policies with premium discounts when the policy is a joint coverare one. This then gives the policy holders the assurnace that the mortgage will be paid off if either one of the policy holder dies.
Mortgage Life Insurance creates options for your family.
It will pay off all or a substantial portion of your mortgage. Your family will then be in a position to come to terms with their new situation without worrying about the bills piling up at a difficult time.
It also takes the pressure of moving home away by paying off the remaining mortgage balance. It is not hard to see why this policy can be of great comfort to loved one's when a tragedy occurs in the family. This type of insurance helps ensure (up to policy maximums) that your family will not be forcibly be moved to another home.
Mortgage Life Insurance creates options for your family. By paying off all or a portion of your mortgage, it buys your family time to make reasonable decisions, rather than being forced to act under the pressure of 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.