Mortgage Life and Disability Insurance Law and Legal Definition
Mortgage life and disability insurance is a life insurance policy bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability. A mortgage life insurance policy pays off your mortgage if you die. A mortgage disability policy covers your mortgage payments if you become disabled. Mortgage life/disability insurance is a specialized form of decreasing term insurance. This means that as your loan balance decreases, the amount of insurance decreases as well.
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