different type of home insurance coverage if spouse dies?
Posted on Jun 29, 2008 under Insurance Information |what is the name of the homeowner insurance when a spouse dies the house will be paid off?
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Insurance Information
what is the name of the homeowner insurance when a spouse dies the house will be paid off?
June 29th, 2008 at 9:58 am
is Life insurance that covers the mortgage, Check the details. but im pretty sure its LIFE insurance.
June 29th, 2008 at 9:58 am
Homeowner's insurance only pays you if your home is damaged, destroyed or suffers another loss like a burglary.
To pay off a home when one spouse dies, you need one of two kinds of insurance….either life insurance or something called credit life.
If you don't have a lot of income and just want to make sure the house is paid off, you might want to try credit life…the premium can be rolled into your mortgage.
If you can afford it, it's better though to have pure life insurance because you can use the money for other things.
The difference is in what's called underwriting…or figuring out how risky it is to sell you insurance.
With staight life insurance, you may not get a policy if you are too old or sick.
With credit life, you can be sick and still get the policy. You pay based purely on how old you are.
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