Mortgage life insurance pays the original purchased value of the home regardless if the mortgage is paid out or still has balance to the policy holder’s beneficiary upon death. It is wise to protect your mortgage if you have dependents or a spouse who might like to stay in your home after your death, but who might not be able to continue making the same mortgage payments as before.
Mortgage insurance can be in any 3 types of life insurance, Term, Universal Life Insurance or Whole Life Insurance.
Benefit of getting mortgage insurance from us compare to Bank Mortgage Insurance
- Our mortgage insurance policies pay the original purchased value of the home whereas banks only pay the outstanding balance of the mortgage that is left
- Our policies provide the option of choosing beneficiary(s) who will get the death benefit money whereas mortgage insurance beneficiary with the bank is the bank!