When you buy life insurance to cover a mortgage, you can buy your policy in the face amount and term length that you want. Often, that is 30 year term to cover a 30 year mortgage. About 20 years down the road you may have half your mortgage paid off. At that time you could reduce your life insurance policy to half the face amount and save some money.
Or you could start out taking half of your coverage in 30 year Term and half in 20 year Term. Buying the shorter term policy will save you some money and when it runs out, you still have 10 years of coverage left.
All this is to say, you really can't know how much mortgage life insurance costs until you talk to an agent and figure out the best way to set up your policy. Give someone who sells level Term life insurance today; you will be glad you took the time.
.JPG){kind=avatar}
Or you could start out taking half of your coverage in 30 year Term and half in 20 year Term. Buying the shorter term policy will save you some money and when it runs out, you still have 10 years of coverage left.
All this is to say, you really can't know how much mortgage life insurance costs until you talk to an agent and figure out the best way to set up your policy. Give someone who sells level Term life insurance today; you will be glad you took the time.