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 ?
* 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.
To learn more about Veterans Mortgage Life Insurance, contact your local PVA office (see Roster, p.
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.
The new housing law also allows active-duty service-members to be eligible for the Veterans Mortgage Life Insurance (VMLI) program, previously available only to veterans.
More specialist life insurance products include critical illness cover, mortgage life insurance, joint life insurance and over 50s life insurance policies.
The Veterans' Mortgage Life Insurance (VMLI) program began in 1971 and is designed to provide financial protection for veterans' home mortgages in the event of the veteran's death.
It allows severely disabled service-connected veterans who qualify for Veterans Mortgage Life Insurance (VMLI) to retain their coverage regardless of age.
Veterans Mortgage Life Insurance (VMLI), covers only veterans who receive grants for the purchase of Specially Adapted Housing.
Veterans Mortgage Life insurance (VMLI) files for those participating in the Specially Adapted Housing Grant program are maintained in Fort Snelling, minn.
5008 also contains insurance enhancements that will increase the maximum amount of Veterans' Mortgage Life Insurance (VMLI) from $40,000 to $90,000, permit the purchase of an additional $20,000 in Service Disabled Veterans' Insurance (SDVI), and allow an increase in coverage of up to $100,000 in Servicemen's Group Life Insurance (SGLI) program.
The act also contained provisions that may affect PVA members in the areas of Service Disabled Veterans Insurance (SDVI), Veterans' Mortgage Life Insurance (VMLI), and Servicemens' Group Life Insurance (SGLI).
The matters of Veteran's Mortgage Life Insurance (VMLI) and Service Disabled Life Insurance (SDVI) have, for years, been at various stages along the road to enactment; the mountain seems to get steeper the farther along you go.
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