Does mortgage insurance work like if I die will they pay my loan off so my son can keep my house?
As for life insurance i have a 30k with my job but I want something private and someone told me do a term insurance. What happens after 30 year term is up? Does my son not get that money anymore if im not passed on?
Mortgage insurance would pay off the mortgage loan if you die. The money goes to the mortgage company.
As for a 30 year term life policy, if you do not die within the 30 year term, your life insurance ends, and your son does not get any money.
However, term life insurance does offer the most life insurance protection at the lowest price. And, you have the option of adding renewability to your term life plan which means you can renew the policy without having to take a physical exam, when the term expires. Here's how you can learn more about mortgage term life insurance and how it works.