LIFE & BENEFIT SOLUTIONS FOR ALL | CA Insurance License 0H23487

Mortgage Term Life

Why term life insurance is a better value than mortgage protection insurance

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.

FeaturesMortgage Protection Life IsuranceTerm Life Insurance
Amount of coverage offeredYour mortgage principal, which decreases as the loan is paid offA coverage amount of your choosing
Length of coverageYour mortgage length10, 15, 20 and 30-year term lengths are available
AffordabilityUsually is less cost-effective than other types of life insuranceMedically underwritten term life insurance is one of the most affordable types of coverage
BeneficiaryUsually your mortgage lenderWhomever you choose
When death benefits are paidSometimes only accidental deathFew exclusions on what type of death is covered
UnderwritingNo medical exam requiredOften requires a health screening for affordable pricing

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