Are you thinking of buying mortgage insurance? It is surely one of the boldest and most powerful steps you can take today to secure the lives of your dependants tomorrow. Let's face it, life can be full of surprises and we can never foresee what's waiting for us around the next corner. The best we can do is stay prepared to face whatever life throws our way.
No matter how unpleasant the surprises may be, with adequate insurance coverage we can face them with better confidence and fortitude. And mortgage life insurance is no exception.
Mortgage life insurance involves using the proceeds of a life insurance policy to pay off the balance of a mortgage or provide income for the monthly mortgage or rent payment. More than its functional purpose, mortgage term life insurance is significant because it addresses one of the most important properties in one's life, viz. one's home. Let's take a closer look.
A mortgage insurance plan ensures that even in the event of the death of a loved one, all existing mortgage on a property will be paid off duly. It is easy why mortgage life insurance is considered one of the most important insurance coverage products that a homeowner can purchase to secure his or her family's financial future. With mortgage life insurance, the insured homeowner has the option of decreasing their coverage amount as often as needed as their mortgage decreases. As the homeowner decreases their coverage amount, their mortgage life insurance premium will decrease accordingly. Their monthly premium will decrease at the rate when it was locked in, instead of it being five or ten years from current prices, which will usually be much higher.
Their death benefit can range from lump-sum to installment payouts depending on what mortgage life insurance policy they choose. Previously, mortgage life insurance rates were determined by the outstanding balance of the mortgage. However, most quality mortgage life insurance policies these days will pay the original mortgage balance, despite changes in value of the home throughout their policy holding period. Their coverage amount can be used towards a number of expenses and is not limited to the mortgage payments.
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