Who the check is for
If the lender is the beneficiary, the product is protecting the note. If a spouse is the beneficiary, they can keep the house, sell it, or pay other debts. That flexibility is the point of term life sized to the mortgage plus income.
Decreasing vs. level
Decreasing term tracks a declining balance — in theory. Prepayments, HELOCs, and a refi in Doral can desync the schedule. Level term stays flat. Premium on a 20- or 30-year level term for a healthy 35-year-old is often the better math.
Underwriting still exists
Some mortgage products skip exams at low faces. Level term might too, depending on amount. A decline because of a cute omission is worse than a table we saw coming. Bring nicotine truth.
How we size it
Mortgage balance, income, kids’ ages. Start a life quote. An advisor will propose term first when term is the job.
Questions we get
Next
If this sounds like your house, get a number.
Same desk that wrote the guide. Auto and home quote online. Other lines, an advisor.
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