What is mortgage life insurance?
Mortgage Insurance is that insurance in which you can cover your mortgage in the major event of your death. Mortgage life insurance, also known as mortgage insurance or creditor insurance, is offered by most banks and lending institutions. It is a life insurance policy that pays the balance of your mortgage to the lending institution if a person listed on the mortgage passes away.
Purchasing your dream home is often the single largest purchase a person makes in their lifetime. But in times of unpredictable circumstances if you were to become critically ill, suffer an accident or die the financial burden of paying for the mortgage falls on the family members. Would your family be able to keep making the mortgage payments? Would they have to sell your home?
You can protect your family home with Mortgage Life Insurance, a flexible, low-cost way to protect one of your largest outstanding financial obligations.
Life is unpredictable. Your dreams may be shattered and your life can take a wrong turn all of a sudden. To protect all your assets and to cover your liabilities such as mortgages it is always a wise decision to be protected by buying mortgage insurance along with the bigger purchase your Home. If you die, get a life-threatening illness, or suffer an accident, your Mortgage Life Insurance can pay the following benefits -
In the case of an illness which has been diagnosed as fatal within one year, this insurance offers an early payout to help relieve financial concerns. For additional security, the same protection is also available to your co-borrowers or to the guarantor(s) of the mortgage.
Coverage for your mortgage can start on the date your mortgage is approved. This way, you are protected even before your new purchase closes.
If your mortgage is over $500,000, you may be eligible for partial Mortgage Life Insurance coverage.
Differences between a Mortgage life insurance vs. individual life insurance
When purchasing your new home, take the time to shop and compare lowest quotes for life insurance. Compare the cost of a term life insurance policy to a mortgage insurance policy. Chances are you'll find a term life insurance policy will have lower yearly premiums and offer more coverage and flexibility than a mortgage insurance policy. We at Punjab Insurance Inc. Offer and assure lowest quotes on term life insurance and mortgage insurance.