Since mortgage loans usually decrease over time, many consumers use mortgage term life insurance for a term of 30 years to provide the life insurance protection needed for your home loan.
By purchasing mortgage life insurance you are providing protection that may help you family stay in the home they shared with you.
There are several types of life insurance that provide mortgage protection, including decreasing term life insurance and level term life insurance.
Decreasing term provides life insurance that declines over time in value, but the life insurance premiums you pay remain the same each year.
While level term life insurance provides life insurance coverage that stays the same amount each year, and the premiums remain level, also. Here's how you can learn more about mortgage life insurance and how it works.