Mortgage Protection using term life insurance (decreasing for 15 yrs until loan balance is fully paid)
HMS Plus Payment Protector is decreasing term life insurance from Americo Financial Life and Annuity Insurance Company, designed to help protect your mortgage payment in the event of your death. The death benefit is paid to your beneficiary in monthly income payments.
A 63 yr old female has a loan balance of $42k and wanted to protect it should she die. An accidental benefit rider in this plan doubles the amount of death benefit. A monthly premium of $55.27 with death benefit of $41k allows her family enough time to plan for keeping or selling her house upon her death.