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Mortgage Life Insurance refers to an insurance policy that guarantees repayment of a mortgage loan in the event of death or, possibly, disability of the mortgagor. Private Mortgage Insurance (PMI) refers to protection for the lender in the event of default, usually covering a portion of the amount borrowed. There are Government loan products that also include a Mortgage Insurance Premium (MIP), essentially the government equivalent of PMI.

One Year Renewable Term Life Insurance Policy: This term life insurance policy is sometimes called a yearly renewable term or an annual renewable term life insurance policy. This term life insurance policy is one of the most widely purchased and offered life insurance coverage plans out there.



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