The cost of your mortgage life insurance policy will depend on several factors, including your age, heath, occupation, hobbies, family health history, driving record, etc. Each of these may affect your longevity - how long you are expected to live. In addition, the amount of coverage and how many years your policy will last will impact your cost.
There are two types of life insurance for a mortgage loan: Mortgage Payment Protection and Mortgage Life Insurance.
1. Mortgage Payment Protection insured the lender in case you become disabled or die. The death benefit is paid out to the lender so your loan is paid off.
2. Mortgage Life Insurance is a level term life insurance policy that provides life insurance for up to 30 years, depending on your needs. The death benefit is paid out to the beneficiary of your choice, which may include your spouse o children. The money can be used for any purpose, including paying off your home mortgage loan. In addition, the amount of coverage does not decline over time, so any additional money left over after paying off the mortgage may be used for any purpose, as well.
To find out how much life insurance on your mortgage may cost you can instantly compare mortgage life insurance rates online now from several leading life insurance carriers with no obligation, and no need to meet with an agent.
There are two types of life insurance for a mortgage loan: Mortgage Payment Protection and Mortgage Life Insurance.
1. Mortgage Payment Protection insured the lender in case you become disabled or die. The death benefit is paid out to the lender so your loan is paid off.
2. Mortgage Life Insurance is a level term life insurance policy that provides life insurance for up to 30 years, depending on your needs. The death benefit is paid out to the beneficiary of your choice, which may include your spouse o children. The money can be used for any purpose, including paying off your home mortgage loan. In addition, the amount of coverage does not decline over time, so any additional money left over after paying off the mortgage may be used for any purpose, as well.
To find out how much life insurance on your mortgage may cost you can instantly compare mortgage life insurance rates online now from several leading life insurance carriers with no obligation, and no need to meet with an agent.
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