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Mortgage protection insurance is a type of term life insurance specifically designed to help cover mortgage payments if the insured dies while the policy is in effect. The beneficiary of a mortgage protection insurance policy is usually the mortgage lender.
Mortgage protection insurance policies are typically limited compared to traditional life insurance policies in regards to term lengths, death benefit amounts, and other factors, and don’t offer any real benefits over a more affordable term life insurance policy.
Policygenius can help you compare life insurance quotes online and find one that's affordable and, more importantly, fits your coverage needs. Take a look at the following points to determine if mortgage protection insurance is right for you.
Because mortgage protection insurance is a type of term life insurance, you can get many of the same add-on features, or “riders,” as you can with a traditional term life insurance policy, such as:
When the policy term has ended, you will be refunded the sum of your premium payments, minus any applicable fees.
If you become disabled, premium payments will be temporarily waived until you have recovered.
However, applicants can also get additional coverage riders. Because mortgage protection insurance limits the term length of policies to better match with mortgage terms, you won’t have the flexibility of a traditional term life insurance policy. You can choose to add 15 or 30 year riders to increase the term of your policy, if needed.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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