Mortgage term insurance is a form of life insurance that provides protection for a period of up to 30 years.
It comes in the form of level term life insurance and pays out a death benefit to your spouse (beneficiary) in case you die before the mortgage loan is fully paid off.
By choosing a mortgage term life insurance plan to protect your family and home, you provide the protection your family needs to remain in their home in case you die.
Another benefit of mortgage term life insurance is that the money goes to your beneficiary, not the mortgage company, and your beneficiary can use it for any purpose, including paying off the mortgage.
With a level term life insurance policy you pay the same premiums each year, and your amount of life insurance protection remains level throughout the entire duration of your life insurance policy.
Here's how you can learn more about mortgage term life insurance and compare prices online among several leading life insurance companies.
There's even mortgage life insurance with no medical exam required. You may qualify to buy up to $350,000 of life insurance without having to take any physical examination. And, if approved, you may be able to start your life insurance the same day.