Mortgage Protection
Mortgage protection life insurance is simply insurance that is meant to pay off your mortgage in case of your death while the mortgage is not fully paid, ensuring your loved ones will not have the burden of making future payments after you are gone.
The original type of mortgage life insurance followed the amount of the mortgage balance so, as your mortgage obligation decreased, so did the amount of insurance. Today it usually makes more sense to get mortgage life insurance equal to the original mortgage amount but instead of a decreasing amount of insurance, you simply get the most inexpensive level term insurance.
Recently it has become more common to buy return of premium policies for mortgage term life insurance. The reason this type of insurance is used is that currently traditional mortgage life insurance rates are not as competitive as most term life rates and with return of premium, if you keep the policy, you get all the payments paid back to you.
Call or email for a free quote on mortgage protection insurance, an affordable way to ensure your loved ones will be safe in the case of a catastrophic event.