Life Insurance for Mortgages
What is Mortgage Life Insurance and How Does It Work?
Mortgage protection life insurance is life insurance that is used to pay off your mortgage loan in case you die while the mortgage is not fully paid off.
The original type of mortgage life insurance providing coverage that decreased each year with the amount of your still outstanding mortgage loan, while premiums remained the same.
Today, it makes more sense to buy 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 10, 15, 20, 25 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.
Level Term Life Insurance for Mortgages makes more sense for your Mortgage Protection for the following Reasons:
- Life insurance with guaranteed lower rates than a mortgage life insurance policy.
- Coverage that will pay off your mortgage in case of your death.
- The life insurance amount does not decrease.
- You can request an application for coverage online.
We've partnered with JRC Insurance Group to give you the best quotes from 40 top-rated insurers. Fill out one easy form and get your side-by-side life insurance quotes instantly.
If you like your quote, you can apply online today.
When choosing life insurance for your mortgage, make sure you consider the financial strength rating of the insurer. Your quotes for life insurance will show the AM Best financial ratings of the companies quoted.
The higher the financial rating, the better able the insurance company is to pay their financial obligations, and life insurance claims.
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Term Life Insurance to Protect Your Mortgage Loan
No Exam Life Insurance for Mortgages
Disclosure: Compensated Affiliate