Mortgage insurance
| Term Policies: Mortgage Insurance |
| Description |
Premiums |
Cash Value |
Advantages |
Disadvantages |
Uses |
| A specialized form of Decreasing Term; Protection declines over term of mortgage |
Normally level throughout term |
None |
Amount of protection automatically decreases as need decreases |
Expensive way to buy coverage; Conventional term policy may be better choice |
When owner wants to pay off mortgage at death, but wants coverage limited to amount of unpaid mortgage |
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