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How does mortgage protection term insurance differ from other types of term life insurance?

April 26, 2017differ Insurance mortgage term term life insurance types

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How does mortgage protection term insurance differ from other types of term life insurance?

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The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium usually remains the same.

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