| Many lenders offer mortgage insurance that would pay off the loan if one of the parties to the loan were to die prematurely. The coverage offered by banks and mortgage companies may not be the best option for you for a couple of reasons.
First, the product offered by lenders is decreasing term insurance. It seems to make sense when offered. As your mortgage decreases, the amount of coverage decreases. What doesn’t make sense is why it would cost more than level term insurance, but the truth is that it does in fact cost more. If you have access to a product that is guaranteed to pay your surviving spouse more after the first year than the decreasing term policy, for less out of pocket expense, why wouldn’t you go that way.
The Hinerman Group has knowledgeable agents who can also speak to other options that may work in your favor. For instance, with bank mortgage insurance, upon the death of the insured the mortgage is paid off. With a level term policy purchased separately from the loan, the surviving spouse has the option of paying off the mortgage or using the proceeds to continue to pay the mortgage and keep the large tax deduction from the interest paid.
With licenses in good standing in all 50 states and DC, the Hinerman Group stands ready to help you choose the right product from the right company. Representing more than 40 companies the Hinerman Group is independent in every aspect. Call toll free 866-539-7914 and discuss your needs with a professional agent today.
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