Property investment is one of the most important investments you can make. Usually, you will like to take out a mortgage to invest in your property. The features, cost, and benefits of the mortgage insurance depend on the insurer. While some insurers offer excellent services, others do not. Blue Cross mortgage life insurance is created to give your mortgage and home equity line of credit the protection they deserve.
To be eligible for mortgage life insurance coverage, the insured must be between the ages of 18 and 65 (both inclusive). The coverage amount for this plan ranges from $10,000 to $2,000,000 (both inclusive), in $1,000 increments. It is also required that you contract or be contracted a mortgage loan or equity line of credit for buildings like principal residence, second residence, building with income and buildings for commercial usage.
Top Benefits and Features of Blue Cross Mortgage Life Insurance Plan
The benefit amount for the Blue Cross Mortgage life insurance is expected to be less than or equal to the amount insured approved by the insurer at the commencement of the contract and the outstanding balance of the mortgage loan or home equity line of credit. Some other benefits involved in this plan include accelerated benefit, simultaneous death benefit, and so forth.