Mortgage Life Insurance is a life insurance type that pays off your home loan in case of your death.
It is basically a term life insurance policy with the policy term equaling the loan term - typically thirty years.
As an example, if you obtain a 30 year home mortgage, you would get a 30 year term life insurance policy. This way the mortgage would be paid off in case of your death, and your family would not be left in a financial predicament.
Getting mortgage protection coverage is always a wise choice when you first buy a home - especially if you have a family.
Mortgage protection life insurance policies are usually very affordable and cheap, because they are just like a term policy. For example, if you are a 40 year old male smoker in California with regular health, the monthly cost of buying a $500,000, 20 year mortgage term life insurance policy would be around $160/month. But if you are a non-smoker, it would be around $65 per month to buy a policy. Click for your own rates!
No matter how much life insurance you need, $50,000; $100,000; $200,000; $300,000; $400,000; $500,000; $600,000; $1,000,000, or your age, 40, 45, 50, 55, 60, 70, etc. - we can quote you the best insurace rates possible.