Are there any mortgage insurance plans available to cover an individual?
Yes, there are mortgage life insurance policies available for individuals that can provide the protection you need to pay off your home mortgage loan upon your passing.
You (the individual) would be named as the insured person, and you would select a beneficiary to receive the proceeds (death benefit) of your policy upon your passing.
Your beneficiary may use the proceeds from your life insurance policy to pay off any outstanding balance still owed on your mortgage loan when you die.
Usually, you'll want to select a term (duration) of coverage that matches the length of time you have your mortgage loan; for example, 15, 20 or 30 years.
In addition, you would select an amount of insurance protection that matches how much you currently owe on your mortgage when you purchase your mortgage life insurance plan.
Here's how you can learn more about buying an individual mortgage insurance policy.
Yes, there are mortgage life insurance policies available for individuals that can provide the protection you need to pay off your home mortgage loan upon your passing.
You (the individual) would be named as the insured person, and you would select a beneficiary to receive the proceeds (death benefit) of your policy upon your passing.
Your beneficiary may use the proceeds from your life insurance policy to pay off any outstanding balance still owed on your mortgage loan when you die.
Usually, you'll want to select a term (duration) of coverage that matches the length of time you have your mortgage loan; for example, 15, 20 or 30 years.
In addition, you would select an amount of insurance protection that matches how much you currently owe on your mortgage when you purchase your mortgage life insurance plan.
Here's how you can learn more about buying an individual mortgage insurance policy.
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