If you’re responsible for a mortgage, you can benefit from life insurance coverage that pays off this debt should you suffer from an early demise. With mortgage life coverage, your family can have peace of mind concerning their home after you’re gone.
There are several types of life insurance that can achieve this purpose. A decreasing term policy offers coverage for the actual value of your mortgage at the time of your demise. Coverage decreases as payments are made toward paying off your loan over time. With level term life insurance, your coverage stays the same throughout the policy. Upon your demise, your family receives the full value of your mortgage, even if that sum has decreased substantially over the years. This provides your family with extra funds for other needs such as vehicle payment, college or other essential bills.
By discussing your life coverage needs with a qualified agent, you’ll have a better idea of what kind of coverage to buy. For more information on how life insurance can help cover mortgage costs in Wisconsin, contact Unisource Insurance Associates located in Wauwatosa, WI.