Mortgage Payment Protection
A decreasing term mortgage policy is designed to pay the remaining balance of the mortgage if you die before the mortgage is paid off. Premiums are generally level throughout the term of the policy.
The policy is usually independent of the mortgage, meaning that the financial institution granting the mortgage is separate from the insurance company issuing the policy. The proceeds of the policy are paid to the beneficiaries of the policy, not the mortgage company, which is not required to use the proceeds to pay off the mortgage.
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