Mortgage Life Insurance Definition: Mortgage life insurance is a policy that provides reassurance for a borrower, so that in the event of their death, any funds owed on the home or property, the surviving family members do not have to pay the remaining balance or mortgage.
This kind of life insurance policy varies from regular life insurance, as it only covers the mortgage payments after death and does not provide other funding. On the other hand, standard life insurance provides a set amount of funds to beneficiaries. Mortgage life insurance is usually a term policy, and borrowers may have the option to choose permanent life insurance.
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