Title: Mortgage Life Insurance: What Is It? Word Count: 421 Summary: Mortgage life insurance is an insurance policy that is taken out by a home buyer to protect the lender in the event of a death. When a borrower purchases a home, a lender in most cases protects itself with mortgage life insurance on your life. This is commonly the case unless a down payment of at least 20% is made. Group Mortgage Life Insurance This group mortgage life insurance payment is based on the original mortgage amount and is paid as part of the monthly mortgage... Keywords: Article Body: Mortgage life insurance is an insurance policy that is taken out by a home buyer to protect the lender in the event of a death. When a borrower purchases a home, a lender in most cases protects itself with mortgage life insurance on your life. This is commonly the case unless a down payment of at least 20% is made. Group Mortgage Life Insurance This group mortgage life insurance payment is based on the original mortgage amount and is paid as part of the monthly mortgage payment until a borrower: requests it's removal and the lender accepts the borrower's proof of value and has an appraisal that shows that home has increased in value, including improvements to the point that the loan is now 80% of the current house value. These conditions of course vary from lender to lender. But What About Personal Mortgage Life Insurance? Mortgage life insurance which you own yourself can make certain your family will be able to stay in the home you are purchasing or have purchased. It will also provide needed stability for your family at a critical time and keep options open for the future. In the event of a primary providers untimely death, going without mortgage life insurance often results in great hardships. And this is the best type of mortgage life insurance because you own it, can name beneficiaries, and can change it if you want. What Is The Best Type of Mortgage Life Insurance? According to most insurance brokers, level term life insurance makes the best mortgage life insurance. It is affordable term life insurance that remains level for the term of your mortgage. Some of the most popular mortgage life insurance plans have built in extra benefits like, a terminal illness benefit, or a critical illness benefit. However other than apart from a straight mortgage life insurance plan, this type of plan will be more expensive. Other popular mortgage life insurance plans provide optional benefits like a return of premium benefit that returns all, or a large portion of, the premium you've paid for your mortgage life insurance. Of course you have to complete your mortgage payments. Is A Mortgage Life Insurance Medical Necessary? Depending on your age, many mortgage life insurance policies are issued with no medical exam. Because of the risk taken by the insurer, premiums may be higher with these types of policies. But whatever type of coverage you choose, make sure that your house and it's mortgage is protected by some type of group or personal mortgage insurance.