Defining Mortgage Insurance and its two basic types
No matter whatever the life brings in its path
, mortgage life insurance helps you make sure your family is covered by essential protection and their future is safe and secure. The type of mortgage life insurance policy to choose from will depend on the type of mortgage you have. Mainly mortgage life insurance is categorised into two main types:Decreasing Term Insurance
Level term Insurance
Decreasing term insurance
Decreasing term insurance is the type of mortgage life insurance that is intended for people who are looking for a mortgage repayment option. In this insurance policy, the total amount of policy coverage grows smaller over time but the premiums remain same throughout the life of the mortgage policy. This type of term life insurance can be especially desirable for families with a mortgage.
If your primary objective to buy mortgage insurance is your concern about your spouse's ability to pay off your mortgage, then decreasing term mortgage insurance is be right choice for you. Opting this mortgage insurance policy may not relive you from financial concerns relating to education, medical, vacations or your retirement, but your mortgage will be paid off and the mortgage payments become smaller and smaller each year. This means that even after your death, your mortgage policy will hold sufficient funds to pay off your remaining mortgage and does not add into the worries to your family.
Level term insurance
If you are looking for a mortgage insurance policy where the principle amount remains same throughout the mortgage term and the repayments made by the policy owner only covers the interest payments on the mortgage, then level term insurance policy is the right one for you. In this policy since the principle balance on the mortgage payout remains the same, which is why the sum for which the policy holder is covered remains the same throughout the term of this policy.
Defining Mortgage Insurance and its two basic types
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