I remember when when first purchased our home that we were offered insurance that if there was a loss of life by either my husband or me the mortgage would be paid off completely. It was lost after life's curve ball of unfortunate circumstances landed the mortgage with another bank. Are you aware of this type of insurance? Were you able to purchase mortgage protection insurance when you purchased you home? Would you purchase this type of insurance? If not, why?
This insurance has certainly not been offered in the last 10 years, in which time my husband and I have owned 3 homes. It would be awesome, however. I assume it was offered through a life insurance company, rather than the mortgage company? Life insurance used to be so cheap. I had a $25K policy in college for something like a dollar a month. Now, I think I'm up to $250K but it is closer to $25 or $35 a month. Ugh. Either everything is going up, or I am getting old. Haha.
I purchased it through Mutual of Omaha and my monthly premium is $24.00 for $100,000 for my husband and me. I also have my life insurance policy through Mutual of Omaha. The agent told me that the premiums will remain the same until age 81. I asked why 81 and he said by that time most mortgages are paid off.