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Term Life Insurance vs Mortgage Life Insurance
Both term insurance and mortgage life insurance provide a means of paying off your mortgage. With either type of insurance, you pay regular premiums to keep the coverage in force.
But with mortgage life insurance, your mortgage lender is the beneficiary of the policy rather than beneficiaries you designate. If you pass away, your lender is paid the balance of your mortgage. Your mortgage will go away, but your survivors or loved ones won’t see any of the proceeds.
In addition, standard term insurance offers a level benefit and level premium for the term of the policy. With mortgage life insurance, the premiums may remain the same, but the value of the policy decreases over time as the balance of your mortgage declines.
For more information, call Monday- Saturday 8AM- 8PM EST, to speak with one of our insurance professionals about using term life insurance to pay off your mortgage after you’re gone. All your information will be kept confidential. Call 678-607-5877 for peace of mind.
Licensed Brokers In: GA, TX, NC