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Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.

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Q: What is the difference between mortgage loan insurance and mortgage life insurance?
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Related questions

Where can you buy instant mortgage life insurance online?

There are several options available online for websites providing information, quotes and the ability to apply online for mortgage life insurance. Make sure you understand the difference between mortgage protection insurance, and mortgage life insurance.


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Is life insurance needed if you pay off a mortgage?

After you've paid off the mortgage, whether or not you have life insurance is between you and the family members you expect to outlive you.


Does homeowners insurance pay off your mortgage if one of the homeowners dies?

No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.


What can one benefit out of mortgage life insurance?

Mortgage life insurance provides security for your family in the event that you were to pass away. It ensures that if that does occur and you have mortgage life insurance then your repayments will be covered.


Is the mortgage on a house pay off upon death?

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.


Who should have mortgage insurance?

Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.


What is the difference between accidental death life insurance and regular life insurance?

Usually the only difference between accidental death life insurance and regular life insurance is the name, although sometimes an accidental death life insurance will pay out more money if the death is accidental.


Difference between Reliance Life Insurance and LIC Which company is best In life insurance?

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What is the difference between life insurance and whole life insurance?

The key difference between life insurance and whole life insurance is that regular life insurance carries a fixed term while whole life insurance covers one's entire lifetime. Whole life insurance also accumulates a cash value that one can borrow money against.


What type of life insurance often used as mortgage insurance?

The type of life insurance that is more than often used as mortgage insurance is known as decreasing term.


What type of life insurance is often used as mortgage insurance?

The type of life insurance that is more than often used as mortgage insurance is known as decreasing term.