Mortgage Life Insurance
It is an insurance policy that is specifically designed to repay the mortgage debt after your death. This policy is different from the traditional life insurance policies as under this policy the death benefit is paid out only after your death, whereas under mortgage life insurance policy doesn't pay unless you die and there is pending mortgage amount that needs to be paid. Thus your loved ones can continue to live in the home after your death without worrying a bit about paying the mortgage.
There are two types of Mortage Life Insurance -:
1. Level-term cover.
2. Decreasing-term cover.
Benefits of Mortgage Life Insurance
- Your premium amount will not increase thus it is quite affordable.
- There are flexible options to choose from to suit your budget and needs.
- Easier to get mortgage life insurance as there are no medical examination required.
- The lump sum paid for the policy protects your family lifestyle and pay for the every day living.