How to Get Credit Life Insurance on a Mortgage

Video Transcript

"Hello, my name is Vic Schumacher, the company is HPE Financial Services. The question today is how do you get credit life insurance on a mortgage. It's the same idea as having a life insurance policy on yourself. You, you are the insured, and the benificary, on a typical life insurance policy, might be your wife, or your mother, or your brother. On a mortgage, it happens to be the mortgage company, they are the benificiary. So, in the event of a death, and in the event that you die, then that particular benefit would be paid to the mortgage company. The amount of coverage would be the value of the home. Let's say you have a hundred and fifty thousand dollar home, that would be the death benefit, and that would be paid to the mortgage company to pay the, pay off the existing mortgage should you die. You could also have a death benefit of two hundred and fifty thousand dollars, say, and have it designated that the mortgage company receives their hundred and fifty, and your wife or significant other has the balance. All depends how you want to set it up and what that premium might be for that policy. My name is Vic Schumacher, the company is HPE Financial Services, helping people every day."