Common Questions You Should Ask Before Asking For A Mortgage Life Insurance Quote
The mortgage life insurance quote is intended to cover the cost of your mortgage if you die. It ensures that if you pass away unexpectedly, your loved ones will be able to maintain your house and will not be burdened with unaffordable mortgage payments. It pays out a lump payment if you die, much like regular life insurance. However, the amount you receive reduces in line with the amount you owe on your mortgage. Do You Require it? While it is not required by law, many mortgage lenders will urge you to get life insurance when you apply for a home loan. Mortgage life insurance is designed to pay off your outstanding bills if you pass away. Because the amount you owe on your mortgage lowers over time, the payout amount will often drop as well. How is it Different From Life Insurance? Mortgage life insurance is not the same as life insurance or affordable serious illness insurance . If you die during the policy period, it pays out a specified cash lump payment to your beneficiarie...