What do you do with your priceless paintings? Insure them, surely. How do you protect your cars from theft, vandalizing or damage? You would naturally insure them too. The same logic would be applied to your jewelry, your antiques, and your other articles of value as well. You would insure your life so that if you were to die suddenly your dependants would not have to face the problems due to lack of finances to see them through their education and face the challenges of life itself. What would you do then in the case of your property? How would you make sure that your dependants can continue to enjoy the fruits of your labor in the form of your house, long after you are gone? You would obviously insure the property against fire, break-in, and burglary among other threats. But, you would also need to safeguard the repayment of the mortgage in the event of your death by arranging for mortgage insurance. Nothing else is likely to help.
Mortgage insurance is your mental peace and assurance that your beneficiaries would not have to face a foreclosure and eviction. There are several types of offers and policies with different options that may suit one individual and not another. So you would need to study these offers of mortgage insurance and decide which one is best suited to your needs.
There is one offer among mortgage term life insurance that's bound to be attractive to quite a few. This one is also the cheapest form of insurance. The mortgage insurance premium is low but you would have to ensure that the premiums are paid in time and the term of the insurance does not lapse or when it does lapse you would need to have the term increased so that the benefits are paid off upon your death. In another policy the mortgage insurance premium is fixed for a period that may be between 5 and 30 years. In a third kind the mortgage insurance premium keeps increasing as you age. This generally reflects the money earning capacity also and so the policy is the commonest kind.
