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 ?
As an example, life insurance would be typically more than 18% cheaper than Eagle Star and mortgage life insurance 34% lower than NatWest Life, he claimed.
Since 1971, the Veterans' Mortgage Life Insurance program has provided life insurance protection to cover eligible Veterans' home mortgages.
After inputting your age, gender and mortgage repayment length the mortgage life insurance calculator returns the likelihood that you would pass away during the mortgage term.
It has expanded its range of comparison products over the last couple of years to include a wider selection of insurances such as performance car insurance, buy to let home insurance and mortgage life insurance, as well as financial services products including credit cards, loans, mortgages and life insurance.
It has expanded its range of comparison products over the last couple of years to include buildings insurance, travel insurance, specialist insurance such as landlord insurance and mortgage life insurance, as well as financial services products including credit cards, loans, and mortgages.
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.
Over the years, Securian pioneered innovative products -- including group life insurance plans, the first flexible life insurance policy and the mass marketing of mortgage life insurance -- and grew its life insurance in force from $136,000 in 1881 to $455 billion in 2005.
Over the years, the range of specialised insurance comparisons has increased to include learner driver car insurance, buy to let home insurance and mortgage life insurance.
When gaining life insurance quotes online, such as for mortgage life insurance, the premiums returned assume that the applicant does not have any pre-existing medical conditions or participate in any hazardous activities, such as diving, climbing or private aviation.
It has expanded its range of comparison products over the last couple of years to include specialised insurances such as buy to let home insurance, learner driver car insurance, women's car insurance, and mortgage life insurance breakdown cover, as well as financial services products including credit cards, loans, mortgages and life insurance.
He also suggests couples consider mortgage life insurance independent of the bank where they get their mortgage.