When you buy term life insurance, you get to choose a coverage amount and term length that meets the needs of your family. If mortgage protection is your primary goal, choose a coverage amount that would pay off your mortgage and a term length that’s at least as long as the life of your home loan.
But for most families, there’s more financial protection needed than merely an amount that covers your mortgage payment. You should consider income replacement for both spouses, day-to-day bills, and the cost of childcare and your children’s education… to name a few of our many financial responsibilities.
Flexibility is one of the significant benefits of a traditional life insurance policy. You can purchase coverage that not only helps protect your family from needing to pay off a mortgage without you but can also help ease the financial burden of day-to-day life. Another key benefit? Affordability. Medically underwritten term life insurance is usually more affordable than mortgage protection insurance.
Not sure how much is needed for “day-to-day” life? No problem. A life insurance calculator can look at your income, family structure, and debts to help you determine the right policy for your needs.
|Features||Mortgage Protection Life Isurance||Term Life Insurance|
|Amount of coverage offered||Your mortgage principal, which decreases as the loan is paid off||A coverage amount of your choosing|
|Length of coverage||Your mortgage length||10, 15, 20 and 30-year term lengths are available|
|Affordability||Usually is less cost-effective than other types of life insurance||Medically underwritten term life insurance is one of the most affordable types of coverage|
|Beneficiary||Usually your mortgage lender||Whomever you choose|
|When death benefits are paid||Sometimes only accidental death||Few exclusions on what type of death is covered|
|Underwriting||No medical exam required||Often requires a health screening for affordable pricing|
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