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What is mortgage life insurance?
When you purchase your mortgage, you might be offered a mortgage life insurance as well. However, before signing up for one, do weigh the pros and cons versus a normal term life insurance policy and you may end up saving a lot of money. For example, with mortgage life insurance, the amount of coverage is determined by the amount of mortgage owed. Unlike a term life policy where you can decide how much coverage you need. Once your mortgage is paid, the mortgage insurance is not applicable whereas a term life policy can be kept in effect for as long as you require. And finally, with a term life insurance policy, you determine who your beneficiaries are but with a mortgage life insurance, the lender is automatically the beneficiary. With the right investigations and questions, you will soon realize that a term life policy will have lower premiums and offer more flexibility and coverage than a mortgage life insurance policy.
Denise at AccuQuote Disclaimer: I work for AccuQuote and this is my personal opinion.
Alternative Investments at www.HardMoneyMi.com
Mortgage life insurance is technically a decreasing term life insurance policy, the coverage decreases as the balance on your mortgage balance decreases. You should look into a regular "term" life insurance policy through an outside insurance company to compare rates, etc.
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I reviewed information about mortgage life insurance that explains how to use level term life insurance for a period of 20 or 30 years to provide funds for my family to pay off the mortgage loan.
The good part about level term is that you can also provide more coverage than just for the mortgage, and provide additional funds for the family to live on if something happens.
See here mortgage life insurance
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Mortgage life insurance is a type of insurance that is crafted or designed to protect mortgage repayment. If the policy holder were to die while the mortgage life insurance was in force, the policy will pay our the capital sum of the mortgage that will be sufficient to repay the outstanding mortgage amount.
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