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life insurance > benefits > mortgage life insurance Life Insurance as Mortgage ProtectionYour mortgage is probably your biggest financial commitment. In the event of your death, mortgage payments may become impossible for your family to make. Using your life insurance policy as mortgage protection is an easy and smart alternative.
Mortgage protectionA life insurance policy with a death benefit large enough to cover the amount of your mortgage is the best mortgage protection you can get. Your life insurance policy's proceeds can be applied to your mortgage, leaving your family that much more secure. Low-cost mortgage protection insuranceA term life insurance policy with a life equal to that of your mortgage lowers the cost of mortgage protection insurance. Lowest-cost mortgage protection insuranceA decreasing term life insurance policy, with a protection amount equal to the amount of your mortgage is the cheapest alternative. Although the premiums will not decrease along with your death benefit amount, the initial premium will be considerably lower with this option. Sidebar
Next: Life insurance as retirement funding For more help . . .Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process. |
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