| Term Policies: Mortgage Insurance | |||||
|---|---|---|---|---|---|
| Description | Premiums | Cash Value | Advantages | Disadvantages | Uses |
| A specialized form of Decreasing Term; Protection declines over term of mortgage | Normally level throughout term | None | Amount of protection automatically decreases as need decreases | Expensive way to buy coverage; Conventional term policy may be better choice | When owner wants to pay off mortgage at death, but wants coverage limited to amount of unpaid mortgage |