Mortgage Life Insurance Quotes

Mortgage Life Insurance is a form of term insurance that is purchased by homeowners to protect their home in the event of the untimely death of one of the homeowners.

Mortgage Life Insurance provides coverage for a specific period of time. Most policies will cover 2 people, and a few companies offer plans that will insure up to 4 people, assuming all parties covered have their names on the mortgage.

Usually, mortgage life insurance is a "First to Die" policy.  In other words, if any of the insured people named on the policy die, the death benefit is paid to the beneficiary.

Once the death benefit is paid, there is no longer any life insurance in force for the surviving spouse.  If the original amount of coverage selected was adequate this may not be an issue.  However, often the surviving spouse still needs coverage, even though the mortgage is paid.  In this scenario a new application is needed.

Mortgage Life Insurance is usually sold by most banks and mortgage companies.  It is a very profitable product for the following reasons:

• It only covers the balance on your mortgage. As the balance declines, the death benefit also decreases.
• The lender is the beneficiary of the policy. If the insured dies during the term of the policy, the mortgage will be paid off with the death benefit.
• The surviving spouse, or heirs don't have a choice how the death benefit is used. If you sell your house, you no longer have an insurance policy. This could be an issue if you want to buy another house and your health statue has changed.
• It is often more expensive than regular term life insurance

We offer Mortgage Life Insurance from companies that provide more flexibility.  For many people we are able to provide mortgage payment coverage in case you become disabled at a nominal cost.

We have also identified plans that allow you to name the beneficiary of your policy, and with our plans, you can still keep your coverage if you sell your home.

Please go to our sister site

www.terminsurance4less.com

for instant mortgage life insurance quotes!

We apologize for this redirection while we switch AvalonLife.com to the same instant quote engine used by our other very successful site.  This should only take a few more days.