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Mortgage Life Assurance

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Mortgage life assurance is a policy designed to help pay off a mortgage in the event of a policy holder's death or terminal illness. Mortgage life assurance should not be confused with the term life insurance. Life insurance payouts can be used towards a variety of expenses, while mortgage life assurance is disbursed with the sole intent of paying off a mortgage. Many mortgage companies require that mortgagees purchase a mortgage life assurance policy to ensure that a mortgage is paid in full should a borrower die during the term of the loan. A mortgage life assurance policy may or may not include a side fund that allows for the accumulation of additional cash. Mortgage life assurance is a term commonly used in the UK. Rates for mortgage life assurance vary according to term and coverage elected.



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