Mortgage Life Insurance is a life insurance type that pays off your home loan in case of your death.
It is basically a term life insurance policy with the policy term equaling the loan term - typically thirty years.
As an example, if you obtain a 30 year home mortgage, you would get a 30 year term life insurance policy. This way the mortgage would be paid off in case of your death, and your family would not be left in a financial predicament.
Getting mortgage protection coverage is always a wise choice when you first buy a home - especially if you have a family.
Mortgage protection life insurance policies are usually very affordable and cheap, because they are just like a term policy. For example, if you are a 40 year old male smoker in California with regular health, the monthly cost of buying a $500,000, 20 year mortgage term life insurance policy would be around $160/month. But if you are a non-smoker, it would be around $65 per month to buy a policy. Click for your own rates!
No matter how much life insurance you need, $50,000; $100,000; $200,000; $300,000; $400,000; $500,000; $600,000; $1,000,000, or your age, 40, 45, 50, 55, 60, 70, etc. - we can quote you the best insurace rates possible.
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If you are a 45 years old female non-smoker in Texas with regular health, the monthly cost of buying a $400,000, 30 year term life insurance policy would cost you an average of $70 per month. But if you are a smoker, it would be around $157 per month to buy a policy.
For a 50 year old male smoker in New York with regular health, the yearly premium cost of buying a $300,000, 20 year term life insurance policy to cover his mortgage would be around $2,000 ($167 per month).
A 30 year old man, in Tampa Florida, non-user of tobacco products, can get a term life policy to cover the family $200,000 mortgage for a period of thirty years for an average cost of $25 to $30 per month. At these rates, it is a no brainer to get coverage protection on the mortgage.
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