Term Mortgage Insurance

Most Every Homeowner Needs It

Term mortgage insurance is simply a life insurance policy which you can use to pay off the balance owed to your bank or mortgage company in the event of your premature demise.

In today's world term mortgage life insurance is something you must own. You have searched for a long time. You have just had it with viewing houses with your real estate agent.

The telephone rings, it is your agent again. She is overly enthusiastic; she believes that she has found that perfect house you have carefully described to her. You are hesitant but you pull yourself slowly out of your favorite couch, take a shower, and get dressed. You are just about ready when the doorbell rings.

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Using Term Mortgage Insurance

You get into the car. Shortly you are shown the most beautiful house you have ever seen. You know you want it before you even see the details. You enter the house and you are overawed. After a little haggling you sign on the dotted line. A few months later you move in. Your family is overjoyed.

You have a mortgage on your comfortable new home...a large one. You know that as long as you are around you will be able to pay that mortgage. Then it hits you. What would happen if you were to die. Would the family still be able to keep the house. Enter the idea of term mortgage insurance. Here is how it works:

• Mortgage Insurance Using Decreasing term Insurance
  
  Decreasing term insurance is the type of policy most used for term mortgage insurance or mortgage protection insurance. Let us say you have a new mortgage in the amount of $200,000 for a duration of 25 years. What you do is buy a 25 year mortgage insurance policy for $200,000.
  
  The premiums are fairly inexpensive and remain level for the entire 25 year period. They are guaranteed to never increase. The face amount of the policy decreases as your mortgage balance decreases. When you die the mortgage is paid off. Term mortgage sounds like a good idea doesn't it?
  
  Let us assume after you have made your mortgage payments for ten years you still owed $170,000 on your beautiful house. Your home value has increased, but that is the amount you owe. If you died at that point your term mortgage insurance policy would pay that $170,000 to your bank.
  
  The house would be free and clear. Now, wouldn't that be just great. This is the type of policy most people use for their term mortgage insurance, but there are others.
• Mortgage Insurance Using A 25 Year Level Term Policy
  
  Another type of policy you could use to cover your mortgage is a 25 year term policy. I am using our hypothetical case as our example that is why I am using a 25 year level term. If your mortgage was for 20 years I would use a 20 year level term, 30 years a 30 year level term. This type of insurance is a little more expensive but, to some, it is worth the extra expenditure.
  
  With some life insurance companies the premium remains level throughout. With others it may be increased after 5 or ten years, and every 5 years thereafter. Here is the advantage though, when it comes to mortgage life insurance.
  
  If you apply this policy to pay off your mortgage in 10 years, for example, the life insurance company will pay your mortgage off just like the decreasing term but your family would have an extra $30,000 to put in their pockets.
  
  At the point of your death, this money could come in quite handy. This is a very good way to approach term mortgage insurance.
• Waiver Of Premium And Your Mortgage Insurance
  
  You can add the waiver of premium benefit to your term mortgage insurance policy. If you should become disabled, anytime after 6 months of disability the life insurance company will pay your premiums for you, even if you were disabled for the rest of your life. The extra premium for this is very cheap.
• Mortgage Insurance And Accidental Death Benefit
  
  Also available is the accidental death benefit rider or double indemnity rider. If you were to die in an accident the company would pay double the death benefit. The extra death benefit would go to your family. This rider would certainly make your term mortgage insurance policy more beneficial to your survivors if you died in an accident..

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