It covers potential financial disaster. Ability to purchase this coverage is within a certain time period after closing escrow. This time period can range from 13 months to five years depending on the company.
Your premium is for the duration of the policy, where if you die within that time frame your home and family are taken care of. The beneficiary can use this one lump payment to pay down all or a portion of the principal on their home, make car payments or designate the money to assist in other areas of their lives.
Mortgage underwriting guidelines take into consideration your lifestyle coupled with the amount of coverage you are looking to put in place.
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