One of the biggest investments we make is in a new home. When someone buys a home, they almost always get a homeowner's policy. The bank that gives the money for the mortgage will need a homeowner's policy, and it will hold a lien on the policy to protect the loan. The mortgage loan is a big debt, so life insurance should cover it. Mortgage life insurance can be bought from almost any company that sells life insurance. It's not too hard to buy mortgage life insurance online. The mortgage term policy is just a policy with a term that goes down over time. There are policies with terms of 10, 15, 20, and 30 years that get shorter over time. The terms of these policies can match the terms of mortgage loans for the same time periods.
The mortgage term insurance policy is just for protection; it doesn't build up any cash value. There's another way to think about buying life insurance for a mortgage. It has to do with paying off a mortgage. With the cash value that builds up in a large permanent life insurance policy, it may be possible to pay off the mortgage faster. This kind of planning is best done with the help of someone who works in insurance.
Online shopping for insurance to protect your mortgage is quick and easy. Look for rates that work with the amount you owe on your mortgage and how long it takes you to pay it off. There may be some extra features you should also look for. The waiver of premium rider doesn't cost too much. The waiver of premium is a disability rider that will pay your mortgage protection policy premiums if you are hurt or sick and can't work. If you owe $100,000 on your mortgage and have 20 years left to pay it off, you can buy a $100,000 20-year term policy with a decreasing premium. It's really that easy. Rates for mortgage term insurance aren't too expensive. Shop with confidence, and make sure you get quotes both with and without premium waiver.
