> Life Insurance > Mortgage Life Insurance
Unlike Private Mortgage Insurance, or PMI (which protects your lender), mortgage life insurance provides a death benefit that can be used by your beneficiaries to pay off the remaining balance of your mortgage.
In most instances, people buying mortgage life insurance get a regular term life insurance policy. However, you could also try a return of premium policy (that refunds all premiums paid at the end of the term) or a universal life insurance policy that accumulates cash value (which could allow you to pay off your mortgage 10 to 15 years early).
Either way, the policy you choose can be used solely as mortgage payoff insurance – to pay off your mortgage – or it can be coupled with other needs such as income replacement to provide fuller financial protection for your loved ones.
Our financial service professionals would suggest that you look at your entire financial situation and then buy a life insurance policy that will cover all your needs, including your mortgage protection plans.
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