Mortgage Life Insurance
What is mortgage life insurance?
Mortgage life insurance is a form of insurance designed to pay off the remaining mortgage debt of the insured if the policyholder dies during the time of coverage.
The advantages of mortgage life insurance include:
- Straightforward coverage with an immediate benefit
- No medical exam is required
- Easy to get approved for mortgage life insurance
- Terminal illness and incurable disease benefits are typically included
- Gives the policyholder absolute control of benefit usage, because funds are paid directly to the mortgage lender