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Mortgage Insurance

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Mortgage insurance is offered by most banks and lending institutions. They’ll offer it to you when you get a mortgage or refinance your existing one.

It’s an insurance policy that pays the balance of your mortgage to the lending institution if you, the person listed on the mortgage, pass away.

hjinsuance.com

Mortgage insurance provides a life insurance amount equal to your remaining debt. As your mortgage decreases, so does the payout you receive.

The cost of the insurance is based on the mortgage amount and your age at the onset of the mortgage, and the payments remain constant through the life of the policy. Essentially, you’re paying the same monthly premiums for a reducing amount of coverage as you pay down your mortgage.

And mortgage insurance is great for the lender because they are listed as the beneficiary of your policy.

How does term insurance cover my mortgage?

Term life insurance provides protection for a specific period of time. A death benefit is paid to your beneficiary if you die while the policy is still in force.

When you purchase a term life policy, you are covered for the full amount of your mortgage, not just for the outstanding balance, for the life of the policy. That means you have a constant level of coverage for the whole term.

It’s usually cheaper and you chose your beneficiaries. And the proceeds from your term insurance can be used in any way your beneficiary deems necessary – not just to repay the mortgage.

Your best option

Buying a home is the perfect time to purchase term life insurance to protect your mortgage and your family. Based on its flexibility, coverage, and price, term insurance is a superior option to mortgage insurance.

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