If I Die Unexpectedly, How Can I Protect My Family And Cover The Mortgage Payments Using My Life Insurance Policy?
There are specific life insurance policies that you can purchase that will cover your remaining mortgage, should you die before your home is paid. These policies are separate policies from your normal life insurance and can be based on the balance of the mortgage.
By basing the premiums on the balance, you will see your mortgage policy premiums continue to decrease, as the amount owed on your mortgage goes down. Many mortgage companies offer this type of mortgage policy when you apply for a loan. If they do not, you can contact your life policy holder and arrange for this helpful insurance.