What Is Mortgage Insurance in Life Insurance Policy?
Mortgage insurance is an insurance policy that protects a mortgage lender or title holder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance can refer to private mortgage insurance (PMI), qualified mortgage insurance premium (MIP) insurance, or mortgage title insurance. What these have in common is an obligation to make the lender or property holder whole in the event of specific cases of loss. To know more about our Life Insurance Policy you may call our agent from InsureDirect.
Life Insurance Policy for Final Expense Insurance
Final expense insurance is designed to cover the bills that your loved ones will face after your death – for your medical bills and funeral expenses. Final expense insurance is also known as burial insurance.
If you already have term or whole life insurance, your loved ones can use your existing policy to pay final expenses. If your term life insurance expires, you may want to consider choosing a final expense insurance policy. If your family has enough assets to cover your final expenses, you may not need final expense insurance. A typical funeral may cost $10,000-20,000, and typical final expense policies range from $20,000 – $50,000. Final expense premiums are determined by age.