Mortgage Protection Insurance : Best Mortgage Protection Insurance Companies

Mortgage Protection Insurance : Best Mortgage Protection Insurance Companies

Mortgage protection insurance (alternatively referred to as mortgage life insurance or mortgage protection life insurance) is a type of policy that pays off the remaining balance of your mortgage in the event of your death. It is frequently sold by banks and mortgage lenders.

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The reason lenders prefer mortgage life insurance is straightforward: they are the ones who benefit from your death. The death benefit of a standard life insurance policy is distributed to the beneficiaries you specify. However, the beneficiary of a mortgage life insurance policy is the lender, who will receive the remaining balance of your mortgage.

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This means that your family benefits only indirectly. If you owe $150,000 on your mortgage, the mortgage protection policy will repay it and the property will become mortgage-free, but your family will have no say over how the money is spent.

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Because the principal balance of your mortgage decreases over time as you make payments, the death benefit of your mortgage life insurance also decreases.

Best Mortgage Protection Insurance

1. https://www.lgamerica.com/

Our life insurance companies, Banner Life and William Penn, offer some of the best policies and retirement annuities to help protect your family’s future.

2. https://www.usaa.com/

USAA proudly serves millions of military members and their families with competitive rates on insurance, banking and investment services.

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3. https://www.statefarm.com/

State Farm helps you protect what matters most with home & car insurance, checking & savings accounts, loans, and more. Get a free quote.

4. https://www.nationwide.com/

Nationwide offers insurance, retirement and investing products that protect your many sides. Get home and auto insurance quotes online or find a local …

5. https://www.protective.com/

Plan for the future with a life insurance policy or annuity from Protective Life Insurance Company. Protect your tomorrow and embrace today!

6. https://havenlife.com/

Haven Life offers an easy way to buy high-quality, affordable term life insurance online. Get your real rate today.

7. https://www.rocketmortgage.com/

MPI is a type of insurance policy that helps your family make your monthly mortgage payments if you – the policyholder and mortgage borrower – …
Mortgage protection helps make sure that the people you love can remain in the home they love, even if you pass away before the mortgage is paid off. Since you …

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