There are many people in the US who own a home and have a mortgage that may carry life insurance to pay off their mortgage in case the die.
Mortgage loan companies may require home owners to carry mortgage protection insurance if they do not have 20% of the home value to put down as a down payment when they buy the home. Mortgage protection insurance pays off the mortgage company for the amount of the outstanding mortgage if the mortgage holder dies before the loan is fully repaid. In addition, the mortgage protection insurance may pay the monthly mortgage payments if the mortgage holder becomes injured.
In addition, there is mortgage term life insurance that pays out a death benefit to the beneficiary of the policy if the insured person dies. The insured can name anyone as the beneficiary, such as a spouse, and the spouse can use the proceeds from the life insurance policy for any purpose, including paying off the home mortgage.
The main benefit of mortgage term life insurance is that the family will have the money to remain in the home they shared with the insured if he/she passes away before the mortgage is paid off.
In addition, the beneficiary has the benefit of being able to use the proceeds from the life insurance policy for any reason, including to pay for other living expenses, etc.
Here's how you can learn more about mortgage life insurance and compare rates and plans online.
Mortgage loan companies may require home owners to carry mortgage protection insurance if they do not have 20% of the home value to put down as a down payment when they buy the home. Mortgage protection insurance pays off the mortgage company for the amount of the outstanding mortgage if the mortgage holder dies before the loan is fully repaid. In addition, the mortgage protection insurance may pay the monthly mortgage payments if the mortgage holder becomes injured.
In addition, there is mortgage term life insurance that pays out a death benefit to the beneficiary of the policy if the insured person dies. The insured can name anyone as the beneficiary, such as a spouse, and the spouse can use the proceeds from the life insurance policy for any purpose, including paying off the home mortgage.
The main benefit of mortgage term life insurance is that the family will have the money to remain in the home they shared with the insured if he/she passes away before the mortgage is paid off.
In addition, the beneficiary has the benefit of being able to use the proceeds from the life insurance policy for any reason, including to pay for other living expenses, etc.
Here's how you can learn more about mortgage life insurance and compare rates and plans online.
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