
Mortgage protection life is can be a whole life policy, universal life policy but is most often a term life policy for the length of the mortgage 15, 20, 30 year term. It is purchased by the homeowner as a way to pay off their mortgage in the event of their death.
A mortgage life policy provides protection to the policy owners beneficiaries and not the lender. Any excess amount that the beneficiary receives can be used for other purposes, such as paying off debts.
There are no federal laws that require a homeowner must purchase a mortgage protection life policy though the purchase of one can be essential for the family to remain in their home if one spouse was to die prematurely. If the loss of one income could be the difference for your family to remain in their home you need to contact us to find out how you can be protected. It takes just a few minutes to get the information needed to give you an accurate quote. Call today or fill out the form on the left side of this web page and an agent will get back to you shortly.
Get a term life insurance quote in just a few minutes with our online quoting system, you can even start an apply online. Get a quote now!