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Mortgage Life Insurance
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Glossary


Mortgage Life Insurance

 

When people pass away, often times they leave their loved ones with substantial debt. Many times, if they die early in life, they may leave behind a large mortgage payment that their spouse or family can not handle. This very circumstance is the basis for mortgage life insurance. This type of insurance, depending on the coverage you choose, will cover the cost, or partial cost, of the home’s mortgage in the event of the policyholder’s death.

Anyone who owns a home should consider mortgage life insurance, especially if without their income the household would not be able to afford the mortgage. Homes with a stay-at-home parent are just one example of a family who would benefit from such coverage.

The amount of mortgage life insurance you receive depends on a few factors:
1. Age of the policyholder
2. Balance of the loan

How much your beneficiaries receive is directly proportionate to how much is left on your balance. The more you pay off the less your family will receive. Therefore it will cover your mortgage but will not provide money for your family to use for other means. Mortgage life insurance is what its name says, mortgage insurance in the event that the life of the policyholder ends prematurely.

Mortgage life gives your loved ones a cushion under which they don’t have to worry about finances in a time of tragedy. The last thing someone wants to be worrying about at a funeral of a loved one, it how they are going to pay to live now. They can continue to live in the family home or sell it if that is their desire, but mortgage life insurance gives your loved ones a choice. National City Mortgage offers various plans for mortgage life insurance, contact your local National City representative today and give yourself and your family a piece of mind.

 

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