Mortgage Insurance Explained
Mortgage Insurance. You graduate high school and you enter college. You put in four years of intensive study and you graduate.
You find a job that is just perfect for you. You reward yourself for your achievement by splurging a bit.
Now it is time to put your nose to the grindstone and do some serious saving because you want to own your own house. You not only have to come up with a down-payment it is also wise to purchase some mortgage life insurance.
What will happen to your family when you die? Will they be provided for? Life Insurance is the solution and we can help. Compare Multiple Mortgage Life Insurance Quotes from Highly Ranked Carriers – Save up to 70%!
Mission accomplished after a fairly short period of time. You have enough for your down payment and accompanying costs and you buy your house. Now you don’t want to lose it so you make certain you have the mortgage life insurance that the real estate agent recommends.
You know, your fire insurance, flood insurance etc. I have not been able to figure this one out but too many homeowners do not own a mortgage life insurance policy that would pay off the balance of the mortgage in the event of premature death. May be it is just an oversight as this type of insurance is so inexpensive.
Probably the largest investment most people make during their lives is the purchase of their home. More and more Americans are owning homes today than ever before. Things are better financially in the United States than it has ever been.
You move ahead and you get married, you subsequently have children. I am positive that you would want your wife and children to own their home even if you are not around to make that mortgage payment. Of course your spouse could work but let us look at it this way.
If you have young children she may prefer to stay at home and do that very difficult job of raising the children that you both brought into this world. With a good mortgage life insurance policy plus other adequate life insurance that would provide an income sufficient for them to live on so your wife could stay home.
What is this mortgage insurance anyway? How does it work? To cover their mortgage the popular choice is the decreasing term life insurance policy. This policy is often referred to as the mortgage insurance policy.
Other policies may been used but the decreasing term policy is most often bought to fulfill this need as it was designed specifically to pay off the mortgage balance owed in the event of the death of the homeowner.
The face amount decreases every year with the mortgage balance, depending on the mortgage interest rate. The premiums remain level for the duration and are very inexpensive. Get life insurance quotes on decreasing term life insurance.
You should also look at the 20 year term life insurance policy, the 25 year term life insurance policy and the 30 year term life insurance policy. These policies are sometimes used as mortgage life insurance policies.
At a minimal cost you can add the waiver of premium to your mortgage insurance policy. If you should become disabled the life insurance company will waive the premiums for your policy for as long as you are disabled…even if it is for the rest of your life.
For premium costs of mortgage insurance click this link:
Don’t pay too much for life insurance! Shop and compare Quality Quotes from Quality Carriers first.