subject: Protect Your Loved Ones With Mortgage Life Insurance [print this page] Many homeowners have wondered about the benefits of mortgage life insurance. The first question anyone should ask when thinking about this is why one would have insurance to begin with. The answer to both questions is the same-concern for the welfare of your loved ones in the event of your death.
In the case of mortgage life insurance, you can protect your family in the case of your death, or your disability or unemployment.
There are policies that offer more coverage than others, but you have to pay a higher premium for them. A family's particular circumstances will determine this decision.
The main reason most people choose mortgage life insurance is that they want to make sure their family can keep their home in case they die or are disabled. This can be a very important matter for a young couple with only one income and a spouse who stays at home to care for the family. Additional insurance such as disability is a wise choice, but finances will determine if it this is possible.
Even if there is no stay at home spouse, two incomes may not cover the cost of the mortgage. Eliminating this largest of expenses can make any family tragedy easier to survive.
There are other practical reasons for choosing mortgage life insurance, such as the cost and how much insurance can be purchased.
First of all, mortgage life insurance is frequently much less expensive than other kinds of coverage. Another bonus is that the premium can be included in the mortgage payment, which makes payment easier.
Sometimes, applicants who may not qualify for regular insurance can qualify for mortgage life insurance. This is made easier when the physical is waived, which is a frequent occurrence with mortgage insurance.
Another thing that is important to consider is the size of the policy. A lot of life insurance policies have minimum face values, such as $100,000. A mortgage life policy is issued for the amount of the mortgage, even if that is below $100,000.
by: Tawana T. Gatlin
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