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Mortgage Cancellation Insurance

 

term-life-insurance-quote Mortgage cancellation strategies often times involve the use of a term life insurance policy to pay off a mortgage. A term life insurance policy can be issued to match the length of the mortgage, a 30 year mortgage would be secured by a 30 year Term Life policy. The proceeds from the term life insurance policy are typically designated to heirs (not the bank) allowing the heirs to determine whether it is better to pay off the home mortgage or invest the proceeds to create income.

Having this plan in place provides peace of mind for a family as they make it through the grieving process without suffering "a second tragedy”, the potential loss of a home. A small monthly payment assures that if a tragedy occurs there is sufficient capital paid by the life insurance company to cover the mortgage.