Mortgage life and decreasing term provide similarly structured insurance protection.

Question

Quizplus · Accepted Answer

Both mortgage life and decreasing term insurance provide coverage for a specific amount of time and decrease in coverage amount as the mortgage or loan balance is paid off. The main difference is that mortgage life insurance is specifically tied to the mortgage, while decreasing term insurance can be used to cover any type of decreasing debt.

Mortgage Life and Decreasing Term Provide Similarly Structured Insurance Protection