Life Insurance That Pays Off Your Mortgage

Is there life insurance coverage that pays off your mortgage?

Yes, you can use life insurance to pay off your home mortgage loan.

Many homeowners choose to purchase a mortgage payoff insurance policy to pay off the remaining balance on their mortgage loan in case they pass away before it is completely paid off.

That way, if you do pass away before paying off the loan, your family will have the money needed to pay off the mortgage and remain in the home they shared with you.

It’s a way to protect your family and your home, so your loved ones can keep living in the home in which they shared so many memories with you.

Learn more about buying life insurance that pays off mortgage.

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