Cheap Mortgage Insurance Protection Options
Most often, when we make large purchases, there is a debt attached to it and the
plan is to pay it off throughout the years, whether it be a mortgage or a different kind of loan. Home purchases, for example, will usually have mortgage that will last between 15 or 30 years. When you really think about it, a lot can happen in 30 years, even death. If the person responsible for paying off a mortgage were to pass away, what would become of it? Who would be able to pay it? Life insurance can offer protection from such circumstances.Mortgage protection insurance can help prevent your family from losing its home and cover any other existing debts. Mortgage life insurance however, can be in the form of just about any life insurance product, not just ones labeled mortgage life insurance. Essentially, you can use just about any life insurance product to fulfill your debt or mortgage needs.
There is an actual insurance product called mortgage protection insurance, but in all honesty, there are plenty of other life insurance products that which can provide protection. By expanding your shopping horizons, you could end up satisfying your insurance needs with the most affordable premiums. Do not limit yourself only to products that have mortgage in the name. The following will discuss the simplest forms of debt/mortgage coverage options.
Term life is one of the most common types of life insurance. Not only is it the most affordable type, but it can also provide protection for common insurance needs, such as mortgage protection. It is very common for people who want to protect their mortgage to purchase this.
All term policies will provide coverage for a certain length of time (normally between 5 and 30 years). Due to this, term life is an excellent option for covering a mortgage, because those too will last only a certain length of time. By investing in a term policy that coincides with the same length of time you will to have your mortgage completely paid off, you will have adequate coverage for an affordable rate. Once you pay-off your mortgage, there will no longer be a need for the extra coverage and your term policy will expire at, or around, the same time. Once the mortgage is completely paid, you will no longer need insurance protection for it.
Another option when considering mortgage coverage is decreasing term life. This may be better suited for mortgage protection because the size of the policys death benefit amount will decrease gradually, just as a mortgage would.
Unlike the official mortgage insurance products, a decreasing term life insurance policy will not necessarily match the amount of debt that remains in your mortgage, however many find it suits their needs well because of the affordability.
While there are many options that can provide mortgage protection, some may find that an all-inclusive insurance policy would better suit their needs. After all, should a wage earner pass away, there can be many more financial burdens other than a mortgage payment. Consider, for instance, childcare or funeral and medical expenses. Because of this, it is quite possible to have two life insurance policies. A comprehensive one which will cover your familys financial needs and a separate term policy which is there to protect the mortgage payment. Using this approach, a family would always have the right amount of coverage, never too little or too much.
by: Angela Rosas
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