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Mortgage Life Insurance

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Mortgage life insurance is a type of life insurance policy designed to fully indemnify a mortgage in the event of a borrower's death. In essence, mortgage life insurance is a form of term life insurance that typically covers the term of the mortgage. The primary purpose of mortgage life insurance is to prevent the survivors from loosing their home should the mortgage borrower die. Mortgage life insurance is also known as decreasing-term life insurance, since the mortgage life insurance coverage decreases over the life of the mortgage. Thus, if the mortgage borrower dies while the policy is in effect, the remaining balance is covered by the mortgage life insurance benefit. Mortgage life insurance may be purchased through lenders with premiums added to mortgage payments.



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