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Insurance Life Mortgage - Choosing a Mortgage Insurance

The Benefits, Eligibility and Cost of Mortgage Insurance Policies

policy family providers purchasing

Buying a home is the American dream. You want to provide a place for your family to live for a lifetime. If something should happen to you, does your family have the resources to continue paying for your mortgage? An insurance life mortgage policy will put the tools in place to cover your mortgage in the case of an emergency.

Before you choose to purchase mortgage life insurance, you need to weigh the benefits of having a policy. If you are elderly and fear you may not have long to live, purchasing mortgage insurance will ensure your spouse does not lose your home. This is also a good option for the disabled who may deteriorate quickly. Younger couples may want to consider other options instead of mortgage insurance because it does increase their mortgage payments. Most people are accepted for mortgage insurance. Even if you have applied for and denied for a life insurance policy, you are probably eligible for mortgage insurance.

The cost for mortgage insurance varies with providers. Mortgage insurance is determined by the amount of your loan and how much you pay each month. Most homeowners can expect to pay one half of one percent of their total mortgage for insurance. A policy for a home costing approximately $150,000 to $250,000 can expect to pay about $100 a month.

Several providers offer mortgage insurance. When purchasing a policy you will want to contact several providers to make sure you are getting the best offer. The main providers in the US are State Farm, Allstate and Nationwide. Contact your lender and ask what insurance company they recommend.

You will also want to make sure you read the fine print of the policy. If you were accepted with a disability, make sure there are no pre-existing conditions what are not covered. You will also want to make sure exactly what will be covered should something happen to you.

Purchasing a mortgage life insurance policy will give you the peace of mind your family needs in the case of an emergency. If something happens to you, your family would have the money in place to continue paying the mortgage without your income.

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