There are several options for Houston mortgage protection insurance.
This type of insurance is usually to protect a spouse and or children in the event of the insured's death.
Without this insurance the mortgage is often foreclosed if one of the family's wage earners has a premature death.
(This is not the same as Private Mortgage Insurance (PMI), which protects your lender if you default on the mortgage payment.
) A common type of mortgage protection insurance has a policy term similar to the term of the customer's mortgage.
The coverage may reduce as the loan is paid down.
This is called a declining term policy.
A policy like this may be the least expensive option for mortgage protection.
Most policies will have a choice of covering one person or adding an additional insured at extra cost.
The next step up would be a level term policy.
This would provide level coverage rather than a declining amount.
This will often be a better value because the cost can be very close to a declining term policy.
The next option would be a whole life policy.
This type of insurance will typically build cash value in addition to providing life insurance.
There can also be other features like being able to borrow against the cash value.
There are many variations of these policies.
This type of insurance may be held for a long time so it is important to deal with a solid company that you trust.
A good agent should be able to show you several options and explain the differences.
Your health and age will usually be a large factor in the cost of the policy.
Customers in Texas can visit my Houston life insurance website for more information.
Or you a welcome to call our office at 281-537-2700.