Mortgage Protection Life Insurance

Pay Off Your Mortgage If You Die Too Soon

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You need mortgage protection life insurance if you own your own home. A home, for most people, is the biggest investment they will ever make. You need to protect it. You buy a car and you protect yourself in case you have an accident. You protect your home in case there is a fire or flood.

These things may occur but you will die for certain whether it be at age 25 or age 95. Should you not have a life insurance policy which will pay off your mortgage upon your death? This is what mortgage life insurance is all about.

• Mortgage Life Insurance

  Decreasing Term

  Coverage to pay off your mortgage comes in many forms, by far the most popular is the decreasing term life policy. It is designed to decrease as the balance of your mortgage decreases. This type of policy is very inexpensive.

  Level Term Insurance

  Let us say you have a 20 year mortgage, you would buy a 20 year term policy. Let us assume you die in the first year, your mortgage is paid off. If you should, however, die say in the tenth year the mortgage would also be paid off but your beneficiary would get considerably more as the face amount of 20 year term policy does not decrease. It remains level throughout.

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