The term mortgage is quite familiar to you. People need loans for various purpose. When the loan amount is too high, the loan providing company asks for a guarantee. If the borrower has some property, he can keep it as a mortgage. In exchange he will get a sum from the loan providing company. Now, mortgage insurance is also available. This is a link with the life insurance where the insurance company will pay off the mortgage even if you die. Thus, your reputation won’t be disrupted. The tenure of the mortgage insurance will be the same as that of mortgage.
Types of mortgage insurance
Personal mortgage insurance
Basically, you will find two types of mortgage insurance plans. One is the personal mortgage insurance where as other one is bank mortgage insurance. Under the personal mortgage insurance, the policy holder is the owner. Here you get the coverage guarantee. You can provide the beneficiary name as per your choice. As a result, you can change it easily. There will be no disruption with the insurance even if you change the mortgage. The insurance cannot be more than the amount of mortgage.