What Is Mortgage Term Life Insurance?Article Posted by Expert Author: Adam Foley on 04/08/2013
If you have recently closed on a new first mortgage or refinanced within the past year, you will be eligible for mortgage term life insurance. This option allows your beneficiary to receive a benefit which equals your mortgage loan's outstanding balance in the event that you pass on.
Both you and your mortgages co-borrower can apply for mortgage term life insurance from life insurance companies in Nebraska, and can be approved by having an ARM, variable rate, balloon or construction loan, in addition to the first or refinanced loans mentioned above.
The amount of coverage you can receive begins at a fifty thousand dollar minimum to a maximum amount of 125% of the amount of your mortgage, which can be up to $500,000. And the available terms can be anywhere from fifteen to forty years.
The pros and cons of mortgage term life insurance can be compared by visiting reliable online sources that explain them clearly to you in terms that you can easily understand. You should also research reputable life insurance companies so that you understand their strengths and weaknesses, and can enjoy peace of mind that you are placing your money with a trusted provider.
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