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mortgage life insurance
Mortgage life insurance can be viewed as a combination of life insurance and a home loan. Life Insurance reduced to its simplest form pays out a death benefit to a beneficiary following the death of the policyholder. A mortgage consists of a loan that is provided by a bank or other financial institution through which you can purchase a home without having to cover the full cost of the property. As with any/all loans, it is paid off at regular intervals, usually monthly, bi-yearly or yearly. In the event that a mortgage life insurance policyholder dies before their mortgage is paid in full, the policy covers the remaining balance. Mortgage life insurance functions as another form of protection for your loved ones should an untimely death cause you financial problems. In the unfortunate circumstance that the mortgagee dies whilst the policy is still in effect, the outstanding debt is immediately satisfied through the insurance proceeds.
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