This lump sum benefit is generally tax free and is designed to protect the surviving family members from the loss of their home in the event that the person who pays the mortgage passes away.
Choose Level or Decreasing Term Life Insurance
Level term maintains the same death benefit level throughout the term of the policy and any proceeds beyond the mortgage payoff can be used for other financial responsibilities.
Decreasing term is designed to mirror your mortgage and the death benefit decreases over time as the payoff of your mortgage decreases over time. Decreasing term is less expensive but may leave you without enough coverage if you should refinance your mortgage at some point in the future.
Key Features of Mortgage Life Insurance*
- Term life insurance with a term up to 30 years
- Benefit at death generally paid tax free to designated beneficiaries
- Level premiums for life of policy
- May be converted to permanent insurance
*See specific policies for coverage, limitations & exclusions
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