Mortgage Redemption Insurance

This type of insurance is like a Creditor’s Group Life.  However, the difference is that there are certain properties being mortgaged to the bank or mortgagee as part of Collateral.  In the event of death of the borrower, the  Insurance Company will pay the full amount of loan and deduct all payments made by the insured/borrower.  The balance, if any, shall be paid to the designated beneficiary of the insured.