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Mortgage Protection Insurance 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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Mortgage Protection Insurance 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; 15, 20, 25, or 30 years. Although the face amount decreases over time, the premium is usually level in amount. Further, the premium payment period often is shorter than the maximum period of insurance coverage.