Mortgage Life Insurance
Mortgage Life insurance consists of a balance between your home loan & your life insurance. In the event that a Mortgage Life insurance policyholder dies before their home loan has been paid in full, Mortgage Life insurance covers the remaining balance. Mortgage Life insurance is more or less defined as another type of life insurance paid by mortgagees, the amount of which decreases as the principal balance declines. In the unfortunate circumstance that the mortgagee dies whilst the policy is still in effect, the outstanding debt is immediately satisfied through the insurance proceeds. This type of insurance is sought so as to ensure that loved ones/family members are not saddled down by home loan payments that they can no longer afford without the income of the deceased.
> > > How does mortgage life insurance differ from standard LIFE INSURANCE ?
