Mortgage Life Insurance

What is mortgage life insurance?

Mortgage life insurance (a.k.a mortgage protection life insurance) is a financial product which guarantees that your mortgage will be paid off if you die while covered. Certain policies are designed specifically to decrease in value as the mortgage decreases, so you can cut costs on coverage.

Mortgage life insurance vs. mortgage protection insurance

You may hear mortgage life insurance termed mortgage protection insurance or just mortgage insurance, but frequently, the latter two mean something different.

Mortgage insurance or mortgage protection insurance can refer to a form of credit protection insurance (not strictly life insurance) which a lender may actually require you to buy before giving you a mortgage. Credit protection insurance has a bad rap because it is imposed on the buyer (you) and because its intent is not to protect your family but to protect the finances of the lender.

Mortgage life insurance yields roughly the same result as mortgage protection insurance: the lender gets his/her money and your family is not forced out of its home. However, mortgage life insurance is completely voluntary, and that freedom allows you choose the best coverage for your circumstances.

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OUR VA MORTGAGE TEAM

ryan-bio-pic Ryan Ward, Real Estate Agent, Security American Realty, Inc.

Ryan Ward is a Native Houstonian, with 5 years experience as a Real Estate Broker Associate with Security American Realty, Inc.

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Mortgage Life Insurance

What is mortgage life insurance?