Sentences with phrase «decreases over the term of the mortgage»

Not exact matches

Another thing to consider is that a mortgage life insurance policy is often written as a decreasing term policy, so the death benefit decreases over time, (just as your mortgage payoff amount decreases as you pay your monthly mortgage payments), but the premium remains the same over the life of the policy.

On the other hand, if you've just purchased a home with your spouse, you might consider a decreasing term policy (since your mortgage balance decreases over time as you pay it off) with a death benefit equal to the size of your outstanding loan.

Decreasing term life insurance is sometimes called «mortgage insurance» because it is designed to cover liabilities that decrease over a specified period of time.

Decreasing term life insurance is sometimes called «mortgage insurance» because it is designed to cover liabilities that decrease over a specified period of time.

Since your mortgage decreases over time, they're typically offering a form of decreasing term life insurance.

Decreasing term life insurance, also known as mortgage insurance, has a constant premium amount but the death benefit declines at a set rate over the course of the policy.

Decreasing term life insurance — sometimes called «mortgage insurance» — offers a death benefit that shrinks over time, and a premium that remains the same for the duration of the policy.

Another thing to consider is that a mortgage life insurance policy is often written as a decreasing term policy, so the death benefit decreases over time, (just as your mortgage payoff amount decreases as you pay your monthly mortgage payments), but the premium remains the same over the life of the policy.

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan.

Well, this type of term insurance could be good for covering a decreasing mortgage balance over a period of years.

Reducing term life insurance was at one time predominantly used for mortgage insurance, but as level term life insurance premiums decreased over the years, it has become the policy of choice for mortgage insurance.

A: The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan.

On the other hand, if you've just purchased a home with your spouse, you might consider a decreasing term policy (since your mortgage balance decreases over time as you pay it off) with a death benefit equal to the size of your outstanding loan.

In practical terms, that means that the value of your policy decreases over time as your mortgage balance decreases.

Decreasing Term Insurance — A type of Term Insurance with a death benefit amount that decreases over time, tied to a collateralized loan, such as a mortgage.

Term insurance offers you much lower premiums, but the amount of life insurance protection doesn't decrease over time, as it usually does with mortgage protection insurance.

These policies are issued for an amount equal to the balance of the mortgage, and the coverage decreases in value over time, making them a form of decreasing term life insurance.

Until a few years ago, many people purchased mortgage insurance, which is usually a reducing term policy, which means the amount of coverage decreases with your mortgage over the length of the mortgage (typically 30 years).

A decreasing value term life insurance life policy such as mortgage insurance has the drawback of having equal premiums throughout the course of the policy while the face value of the policy decreases over the same period.

Another type of term life insurance is called a decreasing term life policy and is specifically designed for things such as a mortgage, where the account balance decreases over time.