Mortgage Life Insurance
Unlike traditional life insurance—which pays a death benefit to a beneficiary to use however they choose—home mortgage life insurance is tied specifically to the mortgage loan. If the insured person dies during the term of the policy, the insurance pays the remaining balance of the mortgage directly to the lender.
These policies are typically declining term life insurance, meaning the death benefit decreases over time to match the declining balance of the mortgage. Some versions also cover other risks like disability or involuntary unemployment, although these may come at a higher cost.
Contact Low Country Life Insurance today to speak to an agent and learn more about our different homeowners insurance and coverage options.
These policies are typically declining term life insurance, meaning the death benefit decreases over time to match the declining balance of the mortgage. Some versions also cover other risks like disability or involuntary unemployment, although these may come at a higher cost.
Contact Low Country Life Insurance today to speak to an agent and learn more about our different homeowners insurance and coverage options.
