What Does Mortgage Protection Life Insurance Mean?

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What does Mortgage Protection Life Insurance mean? Read on to discover the definition & meaning of the term Mortgage Protection Life Insurance - to help you better understand the language used in insurance policies.

Mortgage Protection Life Insurance

Mortgage Protection Life Insurance

Mortgage protection life insurance is a type of life insurance policy designed to pay for the insured's mortgage should they die before having paid the loan off. With these policies, the death benefit equals the amount of the original mortgage loan. As time goes by and the policyholder pays down their mortgage, the death benefit amount also decreases to match the outstanding loan balance. Once the policyholder completely pays off their mortgage, coverage ends.

We hope the you have a better understanding of the meaning of Mortgage Protection Life Insurance.

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