What is Mortgage Death Insurance?
It’s life insurance that provides the money to pay off your mortgage loan in the event of your death.
Mortgage life insurance offers you affordable term life insurance to protect your mortgage for up to 30 years. Mortgage term life plans offer coverage for a period of 10, 15, 20 or 30 years.
If you pass away during the term (duration) of your mortgage life insurance policy, the death benefit is paid to the person you choose (beneficiary) who can use the money to pay off your outstanding mortgage loan, and use any remaining money for any purpose, such as, living expenses, education, paying off credit cards, provide for your funeral and burial costs, etc.
Protecting your family in case you pass away, by purchasing mortgage life insurance to help pay off your mortgage, can be one of the most important things you do to protect your family’s future. Take time today to protect the ones you love.
Mortgage death life insurance protection is life insurance that provides money to pay off your mortgage in case you die while the mortgage is not fully paid off.
The original type of mortgage protection insurance followed the balance of your mortgage. As your mortgage amount decreased over the years, so did the amount of your mortgage insurance.
Today, it makes sense to get mortgage term life insurance equal to the amount of your original mortgage amount, instead of a decreasing amount of life insurance.
It has become more common to buy the most inexpensive level term life insurance with rates guaranteed for 20 or 30 years. The reason most people choose level term insurance to protect their mortgage is because rates are more competitive, and the premium and amount of coverage can be guaranteed for the full term of the policy.
Mortgage Life Insurance Quotes
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Highly Recommended – Haven Life
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.