Mortgage Insurance. I want a policy that will pay off mortgage when I die. But all I find online is life insurance, and refi. help.?

Dude. The name of the type of insurance you are looking for, to pay off your mortgage when you die, is called "decreasing term life insurance". It's not a good deal. It's more expensive than level term life insurance. You're better off getting level term life insurance. Also, you're better off - most of the time - leaving it to the person you want to live in that house after your'e gone. That way, they can choose whether to pay property taxes, pay off the house, or do a necessary repair.

It is called Mortgage life insurance. It pays your beneficiaries if you die. It does not pay off your mortgagee. The beneficiary can do whatever they want with the money. But the plan is you tell them that you want them to pay off the mortgagee with the life insurance money.

I don't like this mortgage life insurance plan. It is a "decreasing term policy" which means the death benefit does down as your mortgagee goes down. So, at the end of your mortgage you have little or no death benefit left. I prefer a Level Death Benefit with Level Premiums for 30 years, which is a term life insurance policy.

Please post more questions.

That is not mortgage insurance. Mortgage insurance is something you pay for that protects the lender if you default on the mortgage, and doesn't apply to all mortgages.

What you want IS life insurance. It is a life insurance policy in an amount to pay off the mortgage.

You're thinking of mortgage life insurance. Mortgage insurance is something a lender makes you buy to make sure the loan is backed up if you don't pay. Mortgage life insurance is typically decreasing term designed to pay off the mortgage. A term life policy will do the same thing with the advantage of the beneficiary getting the CHOICE what to do with the money.

You want life insurance, just with enough to pay off the mortgage.

What it sounds like you want is a decreasing term policy, where it only covers the outstanding mortgage amount. Don't buy this...buy actual life insurance...term is perfectly fine for most people.

That's because mortgage insurance doesn't exist anymore. They stopped offering it. You have other options. One of the best is an indexed annuity with a death benefit, a sign on bonus, and the investment is based on market up. Beware of life insurance. Term is the cheapest but they cut you off at age 80. Universal isn't much better than whole life and whole life is just a bad idea all around.

Contact your mortgage company most of them will sell you a mortgage insurance policy.

What you're looking for is called 'Credit Life Insurance'. Any insurance broker should be able to set this up for you.

You can buy Term Life Insurance that will benefit your beneficiaries.

You want LIFE INSURANCE. Mortgage Insurance is in case you don't pay, it protects the lender. Or the guarantor.