Mortgage Life Insurance or Term Life Insurance?
If you’re paying a mortgage, maybe you’ve thought about mortgage life insurance.
With a mortgage life insurance policy, when you die, the policy is there to make sure
the institution that lent you the money for your mortgage will get paid. That can be a
big help to your spouse and family, but you might help them more with a term life insurance policy instead.
A good term life insurance policy will take into account all the money that your family
will need – including money to cover the mortgage payments. But there’s more.
A term life insurance policy pays out money to your beneficiaries, not the
mortgage-lending institution. This feature gives your family more flexibility to
manage without you. They can use the money to pay the mortgage, or they
can use it to pay off debts, or make other investments to secure their
financial future.
Mortgage life insurance policies only cover the amount that’s owed
to the mortgage lender. During your life, as you pay down your mortgage,
your term life insurance policy coverage does not change along with your
mortgage balance, effectively giving you better value from your monthly
premiums.
At Matrix Direct, we can give you the facts on how a term life insurance
policy could be the best choice. The benefits may vary, depending on your
age and health, but our licensed life insurance agents can answer your
questions and provide clear information on what the right term life
insurance policy can mean to you and your family.
Call Matrix Direct toll-free at 800-914-8376 or
request a life insurance quote online.
Or, learn more about these life insurance products also offered through Matrix Direct:
