What is Mortgage Life Insurance (MLI)?
There are three types of Mortgage Life Insurance (MLI), Level Term, Decreasing Term, and Accidental Death. All three policies will reduce the amount of your mortgage or pay it off, depending on the coverage provided by the policy. For Decreasing Term policies the amount of insurance and the mortgage balance decrease over time. The payout for Accidental Death policies occurs when the insured dies in an accident. Level and Decreasing Term Life can be purchased to coincide with the length of the mortgage. Each type of coverage has different restrictions and should be reviewed for appropriateness. If you are a Washington Mutual mortgage customer we can provide you information and quotes via email or phone; please call us at 1-800-685-9551 email us –>and tell us the amount of your current mortgage, if coverage is for one or joint borrowers, your age(s), and if you smoke.
There are three types of Mortgage Life Insurance (MLI), Level Term, Decreasing Term, and Accidental Death. All three policies will reduce the amount of your mortgage or pay it off, depending on the coverage provided by the policy. For Decreasing Term policies the amount of insurance and the mortgage balance decrease over time. The payout for Accidental Death policies occurs when the insured dies in an accident. Level and Decreasing Term Life can be purchased to coincide with the length of the mortgage. Each type of coverage has different restrictions and should be reviewed for appropriateness.
