What is Mortgage Life and Disability Insurance?

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A form of insurance that is frequently purchased by home owners. In most cases, the cost of this insurance decrease with the loan. In the event of a major disability, this insurance will cover the mortgage payments for a set period of time. If there is a death, than the mortgage is typically paid for. It is important to read the fine print, as there are a lot of important details that can be missed, such as the time it takes to receive funds from a plan.