Compare Life Insurance Quotes with Mortgage Insurance Quotes
It’s quick and easy to shop and compare the best pricing on life insurance to protect your family and your mortgage.
You can request and receive instant price comparisons from several of the best insurance carriers offering you the most affordable life insurance coverage.
Whether you own a new home, have lived in your house for several years or you are planning the purchase of a new home, you may be considering the purchase of life insurance to protect your home and family.
But, which type of coverage is right for you?
You may have heard about life insurance and mortgage insurance. But, how do they work?
Life insurance allows you to name your spouse or any family member as the beneficiary of your life insurance coverage. So, if you pass away that person(s) receives the death benefit proceeds from your policy. And, he/she can use the money to pay off the outstanding loan on your mortgage so your family can remain in the home they shared with you.
Mortgage insurance comes in several different forms.
There’s mortgage protection insurance that pays off the mortgage if you die before the mortgage is fully re-paid, or pays the monthly mortgage payment if you become disabled.
Mortgage protection insurance is usually required if you have put down a down payment of less than 10% when you purchased your home.
Which type of coverage is right for you?
It depends on what you want your insurance policy to accomplish.
However, many homeowners purchase a mortgage term life insurance policy because it can offer lower premiums and more flexibility.
You see, when you buy mortgage protection insurance you are protecting the mortgage lender and the lender is named as the beneficiary, not your family.
So, the lender gets paid if you pass away.
However, with a mortgage term life insurance policy you name who you want to receive the proceeds from your life insurance policy.
That way, your family receives the proceeds, can use the money for any purpose including paying the mortgage. And, the cost of mortgage term life insurance is more affordable.
Mortgage Life Insurance Quotes
Top Pick – Wholesale Insurance
Compare the best term life insurance quotes from 40 of the leading life insurance companies in less than 2 minutes. Save up to 73%. Request your free mortgage life insurance quotes.
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.