Mortgage life insurance plans cover the outstanding payment of your home mortgage in the case of your death, disability, or loss of employment. The recipient of the pay-out may either be the lender or the heirs of the borrower.
Mortgage protection life insurance is not the same as Private Mortgage Insurance (PMI) or mortgage insurance intended for FHA loans. In mortgage protection life insurance, the lender's needs need not be covered.
Get QuoteTwo types of policies are most common when considering mortgage life. A level life plan will pay the same amount through out the policies life or as long as you pay the premium. A decreasing term policy decreases as the mortgage does providing a payoff for the heirs that will cover the current mortgage's balance.
Both policies have a fixed premium throughout the policy period. Consideration of the two types of policies should include dependent protection if that is required. In selecting the amount any other outstanding debts can also be considered in order to protect the heirs.
Unlike other forms of insurance plans, mortgage life insurance plans assure approval irrespective of your physical or financial health.
It covers the exact amount of the outstanding mortgage. Your family won't be involved in any way to pay your mortgage off.
There is also an option to take coverage for your inability to pay in case of job loss or disability.
Mortgage protection life Insurance pays directly to the lender and doesn't allow you to nominate a beneficiary.
Mortgage protection life insurance plans offer a higher degree of claim acceptance.
Mortgage protection life insurance has no hidden clauses to it. It only pays off the mortgage amount to the lender.
Though term life insurance plans are relatively less expensive than mortgage life insurance plans they can be a real lifesaver that supports you during any disability or income instability
Term life insurance policies assure you a fixed pay-out. MPI policies pay only the outstanding mortgage amount to the lender. MPI policies may not benefit any of your family members,but offer loss of job protection. Term life premiums are due whether you are empl0oyed or not.
In the case of MPI policies, your premium doesn't change according to your outstanding mortgage amount. So, if you wish to pay your house off early, the MPI premium will act as a penalty.
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