Is there insurance available for home owners that pays off their mortgage upon their death?
Yes, there are mortgage payoff life insurance policies available that protect the home owners family from loss of their home upon the death of the mortgagee.
With these plans you select an amount of insurance equal to the amount you currently owe on your home mortgage loan. Ans, you choose a "term" (duration) of coverage that meets the term of your mortgage loan.
Usually, you may choose a policy term of 15, 20 or 30 years.
That way, if you pass away during the policy term, your beneficiary receives the payout from your insurance policy and they can use this money to pay off the mortgage, and remain in the home.
Yes, there are mortgage payoff life insurance policies available that protect the home owners family from loss of their home upon the death of the mortgagee.
With these plans you select an amount of insurance equal to the amount you currently owe on your home mortgage loan. Ans, you choose a "term" (duration) of coverage that meets the term of your mortgage loan.
Usually, you may choose a policy term of 15, 20 or 30 years.
That way, if you pass away during the policy term, your beneficiary receives the payout from your insurance policy and they can use this money to pay off the mortgage, and remain in the home.
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