What is the Rate of Mortgage Life Insurance?

Your rate for mortgage life insurance is going to depend on the amount of life insurance coverage, your age, health, gender, and a few other risk factors. 

It is usually better to deal with your life insurance agent on this rather than the mortgage company.

Mortgage insurance is a product that insures the lender against default by the borrower. The rate for that product depends on the amount of the mortgage loan vs. the property value, the type of loan, and the credit score of the borrower.

However, if mortgage protection is not required, you are putting down more than 10% as a down payment on your home, you may still want to purchase mortgage term life insurance.

Mortgage term life insurance can provide your spouse or family with the money to pay off your outstanding mortgage if you die.

However, the death benefit can be used for any purpose, it does not go directly to the lender, but to the beneficiary you choose.

And, your beneficiary can use the proceeds from the life insurance policy for any purpose, including paying off the mortgage, living expenses, etc.

Here's how you can learn more about mortgage life insurance and request your free quotes online from several leading life insurance carriers.