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10 Things to Know About Mortgage Insurance

10 Things To Know About Mortgage Insurance

Fact #1

Generally, mortgage life insurance from most lending institutions is non-convertible term insurance – there is no cash value.

Fact #2

No premium flexibility.

Fact #3

No ability to move to a permanent life insurance policy if your needs change.

Fact #4

Usually mortgage life insurance covers the exact amount of your mortgage. And your coverage decreases as the mortgage is paid down.

Fact #5

You have no coverage when the mortgage is paid off.

Fact #6

Your lender owns the policy and if you find a better mortgage rate at another lending institution, you will have to re-qualify medically for the life insurance protection.

Fact #7

Your lender automatically pays off the mortgage if you die. Your beneficiary has no choice about how to use the funds, at a time when funds may be required the most.

Fact #8

The cost per $1,000 of coverage generally increases every year. When you think about it, costs may increase while coverage decreases.

Fact #9

Generally most mortgage life insurance is underwritten at time of claim.

Fact #10

Your mortgage life insurance cannot be moved to another institution.

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