I know I was excited when I was buying a house. There were many decisions I had to take, some about policy, some about loans, etc. I got stuck on the points about life insurance and mortgage protection. I researched the topic and cleared all the confusion.
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The life insurance amount will only be given to the family after the demise of the borrower. The mortgage loan amount is released when the borrower is alive and well. The borrower will have to keep an asset as a guarantee or collateral against a loan. They will have to pay monthly EMI with interest. The goal of both the insurance/ loan differs greatly.
Do you need life insurance for a mortgage?
You don't need to take out life insurance for a mortgage from a policy maker. It is not necessary, though the terms of the insurance can differ from one lender to another. You should speak to the insurance company affiliated with your bank once as the insurance policy cannot be forced upon the borrower. It is not compulsory by any means.
You can always take out a mortgage life insurance policy or permanent life insurance instead of the standard life insurance policy. Mortgage life insurance is also known as mortgage protection insurance. The lender will give the insurance amount to the family after the demise of the borrower. This allows the family to pay off the mortgage. You can choose the coverage amount and other fiscal details according to your end goal.
This is all from my end on life insurance and mortgage protection.
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Authors Of The Question
Do you need life insurance for a mortgage?
Anshul
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1 Answers
2 Year
2022-07-26T18:39:06+00:00 2022-08-02T10:40:55+00:00Comment
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