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Answered 2013-08-13 16:02:12

One can obtain a mortgage insurance policy from many different companies. Some examples of companies that offer mortgage insurance policies include Prudential and United Life Direct.

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Does homeowners insurance pay off your mortgage if one of the homeowners dies?

No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.


Is the mortgage on a house pay off upon death?

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.


How can one obtain a policy form Manulife Insurance Company?

One can obtain a policy from Manualife Insurance Company when one goes online to the official website of Manualife. One can get a quote and obtain a policy online.


Is a home mortgage covered and paid in a basic home owners insurance in the even of death?

No. To cover mortgage debt an insurance company can write a life insurance policy on the mortgage holder/s. This policy usually is a term life insurance policy that in the event of death pays the balance due on the mortgage at the time of death. The term of the policy would be the length of the mortgage and the policy value decreases as the mortgage is being paid off by the policy holder, eventually expiring at the end of the term along with the mortgage. Since the benefit paid under this type of policy is constantly being reduced, and eventually becomes zero, the premiums are considerably lower than a whole life policy in which a fixed sum is payable on the death of the insured.


What if your financial advisor handling your settlement for your house was to obtain you home insurance He took out a policy on your home and listed your name Is this legal Should they have gotten you?

If your "advisor" was handling all your financial arrangement for the house, AND he negotiated a mortgage to pay for it - then the mortgage company would REQUIRE that there be an insurance policy on the house in order to protect their monetary interest in it.


Can life insurance proceeds be used to pay off a home mortgage?

Yes, life insurance proceeds can be used to pay off a mortgage. Proceeds from a life insurance policy can be used for any reason. The proceeds are paid to the beneficiary, free from federal income taxes. If the policy is a mortgage protection policy it usually pays the money directly to the mortgage holding company.


Who should have mortgage insurance?

Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.


What are the benefits of a mortgage life insurance?

The benefit of a mortgage life insurance is that in the event of the death of the policy holder, your family will receive benefits to pay on the mortgage. You can learn more about this at the Wikipedia.


How do you know if you had mortgage insurance?

This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.


Does mortgage protection insurance pay out if someone commits suicide?

Depends on your policy. They are all different and can have exclusions for many different reasons. Check with your agent or it should be written in your policy.


Does mortgage company know the change of the homeowner insurance to landlord insurance?

Your Insurance Company is required by law to provide a copy of insurance policy at renewal time to your mortgage company and to notify them of any endorsements or changes in coverage. They may Notice it if they review your policy.



What is a mortgagee on home insurance policy?

Your mortgage company. They are your mortgagee and you are a mortgagor.


What does a mortgage declaration page look like?

its a paper stating all of the coverage that you have for your insurance policy. if you ever need a declaration page you can call your insurance company to obtain one. they should give it to you free of charge.


How does one end Private Mortgage Insurance?

Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.Contact your lender or the insurance company listed on the policy.


Does insurance pay house off after house destroyed by fire?

It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.


Can you get insurance to pay your mortgage while the house is being rebuild if there is a fire?

No, Your homeowners insurance is a type of "Hazard Insurance", you must continue to make your mortgage payments as usual. If your policy contains "Loss of use" coverage, then your insurance will cover the cost of temporary housing within policy limits, allowing you to continue making your mortgage payments.


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 insurance and other types of credit insurance such as unemployment or disability insurance do not require the same level of physical examinations or other application measures that a private life insurance policy would need. However, they have no cash value and only insure the balance on the loan.


What is a decreasing term life insurance policy?

A decreasing term life insurance policy is one that offers a steadily declinintg life insurance benefit as the years go by. This kind of policy is often called "mortgage protection" term life insurance and is often bought for a length of time that matches one's mortgage period.


How long do you have to be paying on mortgage insurance before it will payoff on a death of one of the mortgage holders?

This depends on the Terms and Conditions of the Policy, you will find these on the Policy Document itself.


How can you verify if an old life insurance policy is still validw?

Please obtain a Status Report of your old insurance policy from the Insurance Company and be sanguin about validity of said policy.


What does hazard insurance mean in a mortgage?

It's referencing your House insurance. Homeowners insurance is also known as a Home Hazard Insurance Policy.


Is there insurance that pays mortgage if one of two owners dies?

Yes. It's called Mortgage Life Insurance or Credit Life Insurance and is sold by the lenders. But if you can qualify (no outstanding health problems) it may be cheaper to get a decreasing life insurance policy or a whole life policy on your own.


Does insurance company have to pay mortgage if house fire?

NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.


Will Homeowners insurance reimburse for mortgage during renovation?

NO, your homeowners policy will cover 'additional living expenses' but will not cover your mortgage.


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