You’ve probably heard of mortgage insurance, and you’ve probably heard of life insurance. Have you ever heard of mortgage life insurance? This is a real type of policy, and for some people, it’s very advantageous.
When you purchase mortgage life insurance, in the event that you were to pass away, your mortgage lender would pay off your mortgage loan. As a result, your spouse and children wouldn’t have to worry about making a monthly mortgage payment.
In some instances, instead of paying off your mortgage loan, if you set up the policy to pay the benefits directly to a beneficiary and not your mortgage lender, the beneficiary would then be able to use the funds as he or she prefers. If a monthly mortgage payment isn’t a burden, then the beneficiary could spend the money on something else, such as paying for your child’s college expenses.
Mortgage life insurance is beneficial for many reasons. If you have a mortgage payment, you should definitely consider purchasing this type of insurance coverage.
For more information on mortgage life insurance, or any insurance-related topic, please contact Humble & Davenport Insurance today in Renton, Washington.