LifeInsure.com provides an easy, user friendly format, making the process simple and fool proof from the first step to the last.
Get life insurance Quotes now

Mortgage Life Insurance

If you own a home, chances are you are paying on a mortgage. If you live in a state where home prices are high (like California, as I do), your mortgage payments are probably higher than you’d like. If that’s the case, and you are the breadwinner of the family, it would be a good idea to purchase a life insurance policy to, at the least, cover the mortgage. If you were to pass away, you wouldn’t want your family to lose the home you worked so hard to acquire.

Until a few years ago, many people purchased mortgage insurance, which is usually a reducing term policy, which means the amount of coverage decreases with your mortgage over the length of the mortgage (typically 30 years). As regular level term life insurance premiums became less expensive than decreasing term insurance, the traditional mortgage life insurance fell out of favor.

Most of our clients today purchase a term life insurance policy with a death benefit large enough to pay off the mortgage and other debts, as well as providing income replacement for the insured person, should he/she pass away. Paying off the mortgage is a good start, but other potential costs should be included in the death benefit, such as college expenses for any young children in the household and living expenses for the family for a significant period of time.

When evaluating how much life insurance to purchase, a good rule of thumb is to get 15- 20 times the insured person’s income. Once you have that figure, subtract all the debts, including the mortgage. This is what the family will have left to live on once all the bills are paid. You can then determine if that is the right amount and, if not, add or subtract from that number.

If you would like to see life insurance quotes for various amounts, click here to get started.

Latest News

Life Insurance Terms You Should Know
life insurance terms

Life Insurance Terms You Should Know   Just like with lawyers, members of the insurance industry use unfamiliar terms when they discuss the various products they represent. Not because they’re smarter than anyone else, it’s just the nature of the industry. Certainly, anytime you’re speaking with an agent, you can … Continue reading Life Insurance Terms You Should Know

Read More
Life Insurance Myths Debunked
life insurance myths

As a general rule, every type of insurance can be confusing, especially when a layperson listens to life insurance myths and attempts to read the content of an actual policy. Not because they don’t understand the concept of insurance, because most people do; but because policy information is typically written … Continue reading Life Insurance Myths Debunked

Read More
Like to Drive Fast? It Could Be Costing You in More Ways Than You Think
driving and life insurance premiums

The amount of money that you pay every month for your life insurance policy is based on a number of different factors. You might be surprised to know that your driving record is one of them. Insurance companies are always assessing the risks involved in taking on a new policyholder. … Continue reading Like to Drive Fast? It Could Be Costing You in More Ways Than You Think

Read More

Location

Newsletter Signup

    • Intramark Insurance Services, Inc., Insurance Services, Glendale, CA

    • Intramark Insurance Services, Inc.