Life Insurance to Pay off Mortgage?

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

Yes, an existing life insurance policy, either term life insurance or cash value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death.

Although a lender may offer a mortgage protection term policy to you, the lender rarely requires it in order for you to get a mortgage loan.

Learn about life insurance to pay off your home mortgage loan

Insurance to Pay Off Mortgage

Do you own a home and have a mortgage loan you are paying off?

If so, you may have a need for mortgage payoff life insurance protection.

Why would you want to protect your mortgage?

So your family can be safe in case you pass away. If you have a policy to pay off your home mortgage upon your death, your family can remain in the home they share with you.

The proceeds from your mortgage life insurance policy can be used to pay off the outstanding mortgage on your home so your spouse and kids won’t have to move – losing the home they experienced so many memories with you.

Insurance to pay off your home mortgage can provide you with peace of mind knowing your family is safe and secure and can keep the home you share with them.

And, it’s affordable to get the coverage you need – you just choose the amount of protection that is equal to your outstanding loan on your mortgage. And, choose a term (duration) of coverage that equals the length of your home mortgage – from 10, 15, 20 or 30 years.

There are plans available that offer up to $400,000 of mortgage life insurance without any health exams required.

Here’s how to learn all about mortgage payoff insurance and compare instant mortgage insurance quotes today, with no hassles.