MORTGAGE INSURANCE

MORTGAGE INSURANCE

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The loan borrowed by the borrower is normal issue but if he dies suddenly then the question arises that who will repay the loan?

Answer to the above question is by taking mortgage life insurance policy which is specially designed to repay the debt if the borrower dies. This policy is aimed to protect borrower’s rights to repay the debt in the form that their policy would pay the total capital so that the outstanding amount is left less which will help borrower’s family to repay easily.

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Be careful before taking this policy in following ways

Fill in all the minor details in the application so that later on there is no confusion.

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 If mortgage amount exceed the fixed interest rate then they will not repay your debt

They have no cash value

Make sure that the policy is long enough to cover your debt amount.

There are benefits also:

If there is death then your insurance company will pay the benefit to your lender directly. If by any reason the policy is not able to pay whole amount of loan then part of the amount will be owed.

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You must decide to apply for mortgage life insurance according to your age and the condition of your health.

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Mortgage life insurance help in reducing half part of burden by repaying the capital sum.

content credit: mp3skull