What is mortgage life insurance?

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Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance, per se, because upon death of the insured, the LOAN is paid off. The survivor RECEIVED NO CHECK.
Life insurance, on the other hand, has nothing to do with mortgage insurance. Upon death of the insured, the SURVIVOR, not the title company, receives a check for the amount of the death benefit. You cannot find the word mortgage on what is euphemistically called by the agent "MORTAGE LIFE INSURANCE".
The same answer applies, in general, to the question what is term life insurance. Mortgage life insuranceMortgage life insurance is a form of decreasing term life insurance. It pays off your mortgage if you die.

Mortgage life insurance is often confused with Private Mortgage Insurance (PMI). You buy mortgage life voluntarily to protect your survivors from having to make the monthly payments. But with Private Mortgage Insurance, lenders require you to buy a policy in order to protect them (the lenders) against the possibility that you will default on the debt.

Mortgage life insurance is a life insurance policy that one would take out on themselves or another person involved in a mortgage take out on a home or business so that if they should die the mortgage can be paid off. As the amount of the mortgage is paid down the amount of life insurance received is lowered. This type of life insurance will never pay more than the amount of the remaining mortgage.

Given the relatively low cost of term life insurance on a healthy person, one might consider buying a decreasing term life insurance policy at the inception of the mortgage, rather than as part of the real estate transaction. The trick is to correlate the period of the decreasing term with the amortization of the mortgage.
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Can a person with cancer get mortgage life insurance?

Yes. Mortgage insurance is generally term life but in this case you would buy a guaranteed issue whole life. Because of your condition you would be limited to $50,000 but the

Where to buy mortgage life insurance?

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What level of cover is needed for mortgage life insurance?

Whatever amount you choose. Generally the amount of the mortgage for the length of time you will carry the mortgage. Often people will also encompass other needs into the cove

When should you use mortgage life insurance?

If you still owe on your mortgage, then you will need protection against inability to pay due to death or illness. That way your family will not need to sell or foreclose the

What is the use of a life insurance mortgage?

Mortgage life insurance guarantees that the borrower's mortgage will be paid off, even if they die before paying the last bill. In theory, this protects the borrower's family

What is the purpose of mortgage protection life insurance?

The purpose of mortgage protection life insurance is to protect the home from being lost in the event the mortgagee passes away. The life insurance will pay off the balance of

Where can one get a quote for mortgage life insurance?

You can get a quote for mortgage life insurance online at various sites including Aviva, Nationwide and Legal and General. You can also obtain similar quotes from high street

What are the benefits of having life mortgage insurance?

The primary benefit of having mortgage life insurance is to eliminate the risk of passing one's debt onto their heirs. The point of having mortgage life insurance is that if o

What is the purpose of mortgage life insurance?

Mortgage life insurance is a specialized insurance policy that is designed to pay off a mortgage loan should the borrower die before it is paid in full. Typically mortgage ins

What type of life insurance is used as mortgage insurance?

Usually a level term life insurance policy would be used formortgage loan life insurance protection. Level term offers coveragefor a duration of 10, 15, 20 or 30 years with a