Term Life Insurance To Protect Mortgage
Are you considering term life insurance to protect mortgage loan you have on your home?
Many Americans hope for the day they own their own home. If just may be the single biggest investment of your life. But, it also depends on a steady income to pay your mortgage each month. If something happens to one, or to both income-earners in your family, it may be difficult to pay your mortgage. How would your family get by?
Buying a level term life insurance policy can provide your family with the money they need to make their mortgage payments if you're no longer alive to support them.
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If you die, your family might not be able to pay the mortgage. With a level term life insurance policy, the death benefit would provide the money necessary for your family to make the mortgage payments, and stay in their home.
There is mortgage protection insurance available, but many people choose term life insurance instead.
Why Should You Choose Term Life Insurance Instead of Mortgage Insurance?
A common approach to providing money to pay off a mortgage in if you die is to buy term life insurance. Term insurance offers you much lower premiums, but the amount of life insurance protection doesn't decrease over time, as it usually does with mortgage protection insurance. That's a big benefit for your family.
Which Type of Term Life Insurance to Choose?
The least expensive type of term insurance is decreasing term life insurance. The rates remain the same over time, but the coverage amount decreases in line with your outstanding mortgage. If you only want protection for your mortgage, then decreasing term may be your best option.
Another option is level term life insurance. With level term your rates are guaranteed to remain the same over the policy term, and your death benefit remains the same, so your family has more proceeds available than just being able to pay off your mortgage.
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