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Mortgage Insurance - Mortgage Life Insurance
by : Donald Lusan
Mortgage Insurance. You graduate high school and you
enter college. You put in four years of intensive study and you
graduate. You find a job that is just perfect for you. You
reward yourself for your achievement by splurging a bit. Now it
is time to put your nose to th grindstone and do some serious
saving because you want to own your own house.
Mission accomplished after a fairly short period of time. You
have enough for your down payment and accompanying costs and
you buy your house. Now you don't want to lose it so you
make certain you have the mortgage insurance that the real
estate agent recommends. You know, your fire insurance, flood
insurance etc. I have not been able to figure this one out
but too many homeowners do not own a mortgage life insurance
policy that would pay off the balance of the mortgage in the
event of premature death. May be it is just an oversight as this
type of insurance is so inexpensive.
Probably the largest investment most people make during their
lifetime is the purchase of their home. More and more
Americans are owning homes today than ever before. Things are
better financially in the United States than it has ever been.
You move ahead and you get married, you subsequently have
children. I am positive that you would want your wife and
children to own their home even if you are not around to make
that mortgage payment. Of course your spouse could work but let
us look at it this way. If you have young children she may
prefer to stay at home and do that very difficult job of raising
the children that you both brought into this world. With a good
mortgage insurance policy plus other adequate life insurance
that would provide an income sufficient for them to live on you
wife could stay home.
What is this mortgage insurance anyway? How does it work?
To cover their mortgage the popular choice is the decreasing
term life insurance policy. Other policies may been used but the
decreasing term policy is most often bought to fulfill this need
as it was designed specifically to pay of the mortgage balance
owed in the event of the death of the homeowner. The face amount
decreases every year with the mortgage balance, depending on the
mortgage interest rate. The premiums remain level for the
duration.
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