What is a mortgage life and disability insurance?

Mortgage Life Insurance - This insurance ensures that after your death your mortgage will be paid back fully. You can purchase this insurance from the lender

Mortgage Disability Insurance.



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A mortgage life insurance policy pays off your mortgage if you die. A mortgage disability policy covers your mortgage payments if you become disabled. Mortgage life/disability insurance is actually a specialized form of decreasing term insurance. This means that as your loan balance decreases, the amount of insurance decreases as well.

Mortgage life/disability insurance may be appropriate if your family would need to live in your home after you die or become disabled, but would be unable to continue making mortgage payments.

If you die or become disabled, your lender is still entitled to receive payment on your mortgage. If you become delinquent, the lender can foreclose on your home unless the mortgage is paid off or payments are made from some other source. A mortgage life insurance policy pays off your mortgage if you die. A mortgage disability policy covers your mortgage payments if you become disabled. Mortgage life/disability insurance is actually a specialized form of decreasing term insurance. This means that as your loan balance decreases, the amount of insurance decreases as well.