Term Life for Mortgage Protection
You may not want your lender listed as your beneficiary, and that’s fine. In this case, you have the option of a term life insurance policy for mortgage protection.
With this type of policy, you match up the amount of insurance coverage you want with the length of your mortgage, and you are able to make the beneficiary the person of your choice.
Now, unlike the decreasing term life insurance policies mentioned above, these term life policies are typically for a level term, meaning the coverage amount remains steady throughout the entire length of your policy.
Again, this kind of coverage typically does not require a medical exam. The infographic below shows the advantages and disadvantages of life insurance & mortgage insurance.