Mortgage life insurance


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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.
References in periodicals archive ?
The veteran will be assisted by one of VA's Specially Adapted Housing agents in the completion of VA Form 29-8636, Application for Veterans' Mortgage Life Insurance.
Similar to the return of premium rider, the unemployment rider has been around awhile in the mortgage life insurance market.
Mortgage life insurance has what's referred to as a "declining benefit," which means that its value decreases over the years, as the amount needed to pay off the mortgage decreases.
The insurance center manages the United States Government Life Insurance (USGLI), National Service Life Insurance (NSLI), Veterans Special Life Insurance (VSLI), Veterans Reopened Insurance (VRI), Service Disabled Veterans Insurance (S-DVI) and Veterans Mortgage Life Insurance (VMLI).
Extend eligibility for Veterans Mortgage Life Insurance to service-connected veterans rated permanently and totally disabled.
insurance off shelf: As part of its next step into financial services, Asda is now offering life and mortgage life insurance to its 11 million weekly shoppers.
It has expanded its range of comparison products over the last couple of years to include more specialised insurances such as learner driver car insurance , womens car insurance , home insurance products such as buy to let home insurance and life insurance offerings such as mortgage life insurance .
PVA also outlined concerns with the value of Veterans' Mortgage Life Insurance (VMLI) Veterans who qualify for the SAH grant are usually 100% service-connected disabled.
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