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What is Mortgage Life Insurance
If you own a house, chances are you've heard a pitch for mortgage life insurance. It often comes in an envelope from your lender and may include a letter from your lender recommending that you buy a policy. Your lender might also offer to add the premium payments to your mortgage payment.
Although called mortgage life insurance, it is really decreasing term life insurance that will pay off your house if you die. The death benefit decreases each year or month in accordance with a schedule that is equal to what you have left to pay on your home.
IMPORTANT: Don't buy the type of mortgage life insurance policy mentioned above!
- These policies usually have a high cost per thousand dollars of coverage.
- Generally, you must make the lender the beneficiary. What if interest rates are much higher than your mortgage rate when you die? You family will be better off investing the proceeds instead of paying off the mortgage.
- Even though you mortgage amount is declining, do you really want a declining death benefit?
- Do you really want to pay interest on your premium payment by adding it to your mortgage?
- Bottom line: Any good life insurance policy can serve as mortgage life insurance.
Your Mortgage Life Insurance Options
Non-Exam Term Mortgage Life Insurance
Get up to $250,000 in coverage in 10 minutes! Instant Approval for Qualified Applicants. You have no obligation and absolutely nothing to lose. Every policy comes with a free 30-day money-back guarantee. Get a policy in hand in minutes! Guarantee Trust Life. Click for a quote!.
Fidelity Life Association offers some of the lowest rates for non exam mortgage life insurance for amounts ranging from $50,000 to $250,000. Application via phone, mail, fax or email. Request a Quote and Application Now.
Return of Premium Term Mortgage Life Insurance
Several companies offer term mortgage life insurance with a return of premium option. If you complete paying the entire term of coverage, the company will pay you your premiums back. United Home Life and Assurity Life Insurance both offer this option.Request a Quote and Application Now.
Fully-Underwritten Term Mortgage Life InsuranceIf you are in excellent health including height/weight ratio, then you might qualify for a lower premium than offered above. Or, if you need mortgage life insurance protection greater than $250,000, get a quote for coverage that requires a complete questionnaire and a medical exam.
Permanent Mortgage Life InsuranceSome people prefer to combine their mortgage life insurance needs with their overall protection needs. In this case, a guaranteed death benefit universal life insurance plan can offer protection for your mortgage, your college funding, estate planning and much more. Request a quote for permanent mortage life insurance.
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Licenses to sell mortgage life insurance:
Ohio License #104233, California License #0C94325, Florida License #D072714
Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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