Mortgage Life Insurance Tips

Mortgage Life Insurance Can Help Your Family

Mortgage life insurance is protection that will help your family pay their mortgage if you pass away before your home's mortgage has been fully paid off. This means that your family will not be faced with the burden of trying to find money for high monthly payments or risk foreclosure. Mortgage life insurance will help give you peace of mind knowing that, if the worst happens, your children and your spouse will be able to remain in their home.

You can find mortgage life insurance by contacting your current life insurance representative or by comparing quotes online. Many companies that offer other types of insurance also offer mortgage life insurance.

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Protecting Your Spouse with Mortgage Life Insurance

Since mortgage life insurance will help your spouse pay the mortgage if something happens to you, you will be able to protect your spouse from having to take on long work hours to pay off high mortgage payments or from having to sell the home altogether. If you fail to protect your spouse with mortgage life insurance, the stress of facing all of these issues in the event of your passing could lead to distress in other parts of your family's life.

You will need to make sure that you work with your mortgage insurance broker to determine how you should plan your coverage and how it will be implemented if something does happen to you. Knowing the specifics of your mortgage insurance contract, and how things will play out should the worst happen, will reduce the stress on your spouse and children.

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Permanent Life Insurance for Parents of Disabled Children

If you have a disabled child that will need to be taken care of once you are gone, then permanent life insurance may be a great solution for you. Permanent life insurance lasts your whole life, instead of a specified amount of time like term life insurance. So, no matter when you die, your child will still be taken care of because the coverage will always be there. Actual restrictions and stipulations will vary by company, but most permanent life insurance policies will pay the full coverage amount to your disabled child, their guardian, or a fund you have set up for them – whether you die at 30 or 90.

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Mortgage Life Insurance May Cover Causes of Death That Life Insurance Will Not

There are many causes of death that may not be payable under most term or permanent life insurance policies, for example suicide is a big one that is usually not covered no matter how long the insured has been making monthly premiums. On the other hand, many mortgage life insurance policies cover almost all causes of death. There are even some mortgage life insurance policies which will cover suicide if the policy has been in effect for at least two years. Actual restrictions and stipulations will vary by company, but most mortgage life insurance providers will cover many causes of death that other life insurance policies will not.

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Mortgage Life Insurance for Those Who Cannot Obtain Other Life Insurance

For those who can not obtain other life insurance – due to health, age, or a hazardous occupation – mortgage life insurance may be a way to protect your family when you know they may need it. Unlike a traditional life insurance policy, mortgage life insurance usually requires no medical exam and will insure those who have a known health condition, are older (up to age 65), or have a hazardous occupation. Any stipulations will vary by company but, for the most part, mortgage insurance companies are willing to offer coverage to high-risk individuals.

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Mortgage Life Insurance for Older Borrowers

For older persons, finding a life insurance policy can be hard. Many companies may feel that giving you insurance at this age is a gamble. Luckily, if you are an older person who still has a large mortgage due, you may still qualify for mortgage life insurance. Mortgage life insurance can be a way to have your home paid off so that your spouse can give it to children or grandchildren once you are both gone. Many mortgage life insurance policies will still let persons under age 65 take out a new policy. Actual restrictions and stipulations will vary by company but, with most mortgage life insurance policies, beneficiaries of older borrowers will receive the full amount of coverage that was agreed upon to determine premium payments.

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Mortgage Life Insurance for Your Larger Home

If you have a mortgage on a home $500,000 or more, mortgage life insurance may be an essential for your family. Someone who has just lost their spouse and is being faced with a large household income loss will probably have a very hard time making the big mortgage payments that can come with a $500,000 plus mortgage. Of course, mortgage life insurance can help any home owner, however, the larger your payments, the harder it will be for your spouse to afford on his or her own.

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How Mortgage Life Insurance Premiums Are Determined

Although all mortgage life insurance policies will require different information, there are three questions that most companies will ask when determining a policy:

- Amount of the home loan
- Borrower's age
- Tobacco use

These three questions will be used to determine if you can receive a mortgage life insurance policy and, if so, how much your monthly premiums will be.

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Mortgage Life Insurance for Dual Income Households

If you live in a dual income household, chances are likely that you will both want to have insurance coverage. Many mortgage life insurance policies, which help your family pay off their mortgage should something happen to you, allow spouses to get a second policy of the same amount at half the monthly premium. So, if you and your spouse want a $100,000 policy each that usually costs $20 per month per person, you can receive both policies for $30 per month.

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