If you are a home owner or just purchasing a home, you may be looking to buy life insurance to protect your mortgage.
Upon your death, the proceeds (death benefits) from your life insurance plan can be used by your beneficiary (spouse or family) to pay off the remaining balance owed on your mortgage, so your loved ones can stay in the home they shared with you.
Unlike private mortgage insurance (PMI) – which is required for loans with low down payments (less than 20%) and protects lenders from default – mortgage life insurance is designed to help pay off your outstanding mortgage balance if you die before the mortgage loan is fully paid off.
Upon your death, the proceeds (death benefits) from your life insurance plan can be used by your beneficiary (spouse or family) to pay off the remaining balance owed on your mortgage, so your loved ones can stay in the home they shared with you.
Unlike private mortgage insurance (PMI) – which is required for loans with low down payments (less than 20%) and protects lenders from default – mortgage life insurance is designed to help pay off your outstanding mortgage balance if you die before the mortgage loan is fully paid off.
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