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Mortgage Term Life Insurance

Mortgage term life insurance offers coverage terms of typically 10 to 30 years. The mortgage term life insurance rates are locked in the same as other term life insurance policies, but offers decreasing coverage. What does this mean? For instance, if you purchased the mortgage term life insurance at the beginning of your thirty year loan, then in twenty years, your coverage would only pay off the amount left on the mortgage in the event of your death. Since the mortgage term life insurance only exists to payoff your mortgage in the case of your death, there is no need for additional payouts.

Cost

Mortgage term life insurance has been popular with those who wish to provide added protection for their family in case of their untimely death. As with other term life insurance policies, the mortgage term life insurance rates are generally less expensive than permanent life insurance. Mortgage term life insurance policy helps protect the insured and their family from the unforeseen. Once the term of the mortgage term life insurance is up, there is usually no need to renew the mortgage term life insurance policy.

The major difference between mortgage term life insurance and other term life insurances lies in the fact that there is no medical exam required. The mortgage term life insurance usually does not require medical information before the mortgage term life insurance policy will go in effect. This attracts many individuals who wish to simply secure their home with a mortgage term life insurance policy, rather than pay out large premiums for other term life insurance.


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