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.
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.
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.
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
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.
USAA proudly serves millions of military members and their families with competitive rates on insurance, banking and investment services.
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Nationwide offers insurance, retirement and investing products that protect your many sides. Get home and auto insurance quotes online or find a local …
Plan for the future with a life insurance policy or annuity from Protective Life Insurance Company. Protect your tomorrow and embrace today!
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