Mortgage Life Insurance You Can Afford
Affordable life insurance is accessible to homeowners if they choose level term life insurance. There are many reasons that this is the best type of mortgage life insurance, in addition to the most affordable. The term of the policy is fixed, usually at the number of years you foresee having your mortgage, such as 20, 25 or 30 years. If you take the policy your lender offers, it will most likely be decreasing term insurance, which, as the name suggests, goes down in value gradually.
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These issues make fixed term mortgage life insurance much more beneficial. The reason for purchasing mortgage life insurance is to be sure your family can keep their home in case you die-that the proceeds of the policy will pay down the mortgage. A mortgage life insurance policy repays the bank for the mortgage, so you can be certain the mortgage will be paid. In this manner, there is no concern about the home loan and your family can stay right in their home.
The decreasing term policies banks offer decrease in worth and protection over time. This may have been fine years ago when homeowners stayed in their home and the outstanding balance of the home loan went down steadily.
There is a disadvantage to mortgage life insurance that banks offer, because you will lose the insurance if you change your mortgage in any way. Perhaps you don’t want your mortgage insurance to decrease in this way?
This is better for today’s homeowners who tend to change mortgages more because they change homes or they refinance more. The days of one mortgage, and the big mortgage burning party after 25 years are long over. If your mortgage life insurance is from a traditional insurance company, rather than from your bank, the policy is yours, and you keep it even if you switch mortgage companies.
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More Examples:
– $200000 mortgage insurance (life) for a 33 years old male (non-smoker) and a 34 female (non-smoker): National Bank: $43.16 per month. InfoPrimes.com: $29.13 per month. Savings: $2525 over 15 years.
– $109500 mortgage insurance (life and disability) for a 25 years old male (non-smoker): Laurentian Bank: $27.6 per month. InfoPrimes.com: $15.69 per month. Savings: $3573 over 25 years.
– $210000 mortgage insurance (life) for a 22 years old male (non-smoker): Laurentian Bank: $20.6 per month. InfoPrimes.com: $16.22 per month. Savings: $1840 over 35 years.
– $147000 mortgage insurance (life) for a 44 years old male (non-smoker) and a 41 female (non-smoker): Scotia Bank: $62.81 per month. InfoPrimes.com: $36.41 per month. Savings: $6336 over 20 years.
– $208000 mortgage insurance (life) for a 37 years old male (non-smoker) and a 40 female (non-smoker): Scotia Bank: $72.55 per month. InfoPrimes.com: $36.55 per month. Savings: $10800 over 25 years.
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