Mortgage Protection Insurance
A life insurance policy tailored to cover the remaining balance of a mortgage, ensuring peace of mind for homeowners if the insured homeowner dies. It is often a form of decreasing term life insurance.
Detailed Explanation
This type of insurance provides financial security to the surviving family members by ensuring they can remain in their home.
Practical Example
Mark and Lisa purchased a mortgage protection insurance policy that matches the balance of their home loan. If either of them were to pass away, the policy would pay off the remaining mortgage balance.
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