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Mortgage Life Insurance

   Also found in: Wikipedia 0.01 sec.
Mortgage life insurance
A life insurance policy that pays off the remaining balance of the insured person's mortgage at death.
Mortgage Life Insurance
An insurance policy that pays off a policyholder's mortgage in the event of his/her death. This protects a mortgage holder's heirs in the event of his/her untimely demise. There are two basic types of mortgage life insurance. Decreasing term insurance charges premiums that decrease as the mortgage holder gradually pays off the mortgage. Level term insurance has premiums that do not decrease; it is recommended for borrowers with interest-only mortgages. Both types of mortgage life insurance exist only for the life of the mortgage. If the beneficiary dies after he/she has finished paying for the house, no mortgage life insurance is paid out.
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Mortgage life insurance covers the value of your mortgage should you die.
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For most people that''s a mistake, as they don''t realize that a personal mortgage life insurance policy can cost a lot less and offer you a lot more.
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