Mortgage Term Insurance is different from a whole life policy in many ways, and it's important to understand their differences before you purchase Mortgage Term Insurance.
Whole life (also called permanent insurance) is a policy that's approved to provide a death benefit payable over your entire life. Because the coverage extends over your entire life, it's more expensive than Mortgage Term Insurance. Whole life also has a cash accumulation feature that requires the payment of additional premiums.
While it might seem nice to have a policy that doesn’t expire after 10, 20, or 30 years, you must consider the fact that you're locked into that policy and that death benefit for the rest of your life. Mortgage Term Insurance offers much greater flexibility. With its inexpensive cost of insurance, term periods that are perfect to cover your mortgage debt, and the ability to convert some policies at a later date, Mortgage Term Insurance offers a much more reasonable insurance solution.
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