Life insurance
Mortgage protection insurance is life coverage sold to homeowners to pay off or keep paying the mortgage if the borrower dies, and some versions add disability or critical illness riders. Agent-sold policies usually pay the family, not the lender, which distinguishes them from lender-placed mortgage life products.
Mortgage protection leads are triggered by a public event, a new mortgage recording, which is why the market is crowded and prospects receive mail and calls from many agencies at once. An agency that lets the homeowner work out the number themselves on its own site starts the conversation on firmer ground.
The mortgage protection calculator does this math with the prospect's own numbers. Today the Mortgage Balance field in the life insurance calculator captures the payoff figure, and the remaining years on the loan are a natural cue for a term length or a decreasing term design.
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