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Mortgage Life Insurance
A form of insurance specifically designed to protect a mortgage. If the policyholder were to die while the mortgage life insurance was in force, the policy would pay out a capital sum that will be just sufficient enough to repay the outstanding mortgage.
Advantages of Mortgage Life Insurance:
It is purchased to protect the borrower's ability to repay the mortgage for the lifetime of the mortgage.
Recent Changes For Mortgage Life Insurance...
The industry has removed all decreasing mortgage life products. Level mortgage products are now the same cost.
Why Buy Mortgage Life Insurance?
1. To provide coverage for dependents.
2. To provide for expenses at the time of death
3. To cover a mortgage or college tuition.