But, how much does it cost?
The premium charged for mortgage insurance will depend on several variables, including the type of policy and the duration of coverage; as well as, the amount of insurance you need.
In addiiton, your own personal risk factors will have an impact on the rate you are charged per $1,000 of insurance.
Risk factors may include your age, gender, health, lifestyle, tobacco use, driving record, occupation, hobbies, and your height-to-weight ratio, among other things.
These risk factors are used to assist in determining your longevity - how long you are expected to live.
In choosing a plan, you'll want to select an amount of insurance that matches the amount you owe on your mortgage loan. And, select a "term" (duration) of coverage that matches the length of your mortgage; for example, 15, 20 or 30 years.
The younger and healthier you are, the lower your cost of insurance.
You can find out how much mortgage insurance will cost you by comparing mortgage life insurance quotes online from several of the leading insurance carriers. It only takes a couple of minutes.