Life insurance to pay for the mortgage in the event of your death is best purchased from an independent life insurance agent that represents several life insurance companies.
Most likely you will be interested in a level premium term life insurance policy that matches the period of your mortgage.
Level term life insurance offers you guaranteed level rates and coverage for up to 30 years to pay off your mortgage if you pass away.
Some companies offer life insurance products that reduce their life benefit in conjunction with decreasing balance of what you owe on your mortgage but I have found these policies to be uncompetitive. These types of policies are called "decreasing term insurance".
Whatever you do don't buy the life insurance from the mortgage company. Way overpriced compared to other plans like level term which are available.
Here's how you can learn more about life insurance for your home and request your free quotes online with no obligation.
Insurance without any Medical Exam,
Just a Few Health Questions.
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