Term Insurance to Pay Off Your Mortgage?

What type of term insurance policy is suitable for paying off your home in cases of an early death?

There are several types of term insurance including level term, decreasing term, and no exam term insurance.

One of the most common types of term life coverage to use for paying off your home in case of death may be decreasing term insurance since it has level premiums each year, but the amount of life insurance decreases each year in line with your decreasing mortgage.

However, level term life insurance provides level premiums and coverage each year, so your family ends up with the money to pay off the mortgage, and they can use the remainder for any reason as well.

In addition, no exam term life insurance allows you to qualify for up to $500,000 of term life insurance without having to take a physical exam to qualify for your policy.

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Disclosure: Compensated Affiliate