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Protecting one’s life in today’s risky world has become a biggest challenge and when it comes to protecting life everyone thinks that their family should remain in a sound condition even they are facing any crisis or also in the event of their death. In such a situation, when a person has mortgage loan over his/her shoulder the need for life insurance cover becomes even more necessary. For that matter, mortgage life insurance is one option that offer cover to the life as well as to the mortgages of the insured.

Earlier as well, mortgage lenders used to insist borrowers to take up mortgage life protection so that their loan will be paid off no matter what may happen to the insured. With time the changes have been made in the policy and as of now the insured will get a total of sum insured in lump sum after the completion of the policy term which is usually equal or more than the mortgage loan.

Mortgage Life Insurance Comparison with Alternatives

There are other alternatives to mortgage life insurance which are much beneficial in comparison to it. Some of them are:

Mortgage Payment Protection Insurance: Now this is quite similar to mortgage life insurance, but with their own share of differences. In mortgage life insurance the insured will receive monthly mortgage repayments in the event of their involuntary unemployment, accident and long term illness. However in mortgage payment protection insurance, the insurance company will keep on paying for mortgage loan until the insured get back to his/her feet or get an alternative employment.

Fixed Term Life Insurance: Another excellent alternative to mortgage life insurance is fixed term life insurance. In this the insured insures the amount equal to their mortgage repayment loan. This way even if the insured dies before the expiry of policy term without repaying loan completely there family will receive the insured amount in lump sum for getting rid of mortgage loan and also enjoy the benefit of remaining balance. This type of policy offers guaranteed pay out and also guaranteed premium payments throughout the policy term.

Endowment Insurance Policy: If a person is looking for dual security of their family then endowment insurance is the best option. It protects family not only during the life of the insured but also after their death. In both the events whether insured survives policy term or dies during that, the maturity value payout is guaranteed. That money can easily be used for securing old age or repaying the mortgage loans equally.

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