Mortgage death or mortgage life insurance, is life insurance protection that provides your beneficiary with the money needed to pay off the outstanding loan on your home, if you die before it is fully repaid.
Your premium, the price you pay for the coverage, is based on the amount of insurance you need and the duration of your policy.
In addition, several risk factors impact the rate charged per $1,000 of insurance. These risk factors may include your age, gender, health, tobacco use, lifestyle, driving record, and height-to-weight ratio, among other things.
The younger and healthier you are when you buy your insurance policy, the lower your rate per $1,000 of coverage.
Find out how much mortgage death insurance costs.