Describe mortgage protection life insurance.(1 point) Responses an insurance that pays out when there is an accidental death or loss of functionality an insurance that pays out when there is an accidental death or loss of functionality a contract that helps pay for repair or replacement due to normal use once the object is outside the original coverage period a contract that helps pay for repair or replacement due to normal use once the object is outside the original coverage period a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder a contract between the lender and borrower which cancels all or part of a loan due to a significant event such as death, loss of job, disability. a contract between the lender and borrower which cancels all or part of a loan due to a significant event such as death, loss of job, disability. Skip to navigation
Mortgage protection life insurance is a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder.
Mortgage protection life insurance is a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder. It provides peace of mind by ensuring that in the event of the policyholder's death, their loved ones will not be burdened with the mortgage payments and can continue to live in the property. This type of insurance is often recommended for homeowners to protect their family and assets.
Mortgage protection life insurance is a type of insurance that pays off the balance of a mortgage in the event of the death of the mortgage holder. It is designed to provide financial security and peace of mind to the borrower and their family in case of an unfortunate event. If the policyholder passes away within the term of the insurance, the insurance company will pay the remaining mortgage amount directly to the lender, ensuring that the loved ones are not burdened with the mortgage payments. To obtain mortgage protection life insurance, you would typically need to apply for a policy through an insurance company. The application process may involve providing personal and medical information, as well as completing a health assessment or medical examination. The insurance premium will depend on factors such as the age, health, and mortgage amount of the insured individual. It is important to carefully review the policy terms and conditions, including any exclusions or limitations, before purchasing mortgage protection life insurance.
