What is mortgage life insurance?
The Bankrate.com financial term of the day is: "mortgage life insurance."
Mortgage life insurance insures your life for the life of your mortgage, to protect your family from the house debt. If you're the borrower and you die, a mortgage life insurance policy will pay off the home loan, so that there will be one less thing for your survivors to worry about.
A mortgage life insurance policy can offer some security to family members who depend on you to keep a roof over their heads, because it allows mortgage debt to die if you do.
To shop for insurance to fit your family's needs, visit the Insurance section at Bankrate.com.
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A little research could save you BIG on interest.