Home Equity Credit Life Insurance or Monthly Outstanding Balance (MOB) is a monthly renewable term life insurance that provides a death benefit if the death occurs during the month. The lending institution is the irrevocable creditor beneficiary (Policyholder) of the proceeds of the certificate. If the claim payments are more than the balance of your loan, remaining payments will be made to you, to your estate, or to the beneficiary named by you. Coverage is available on a single or joint basis

CLOSED END LOAN - coverage is based on the net indebtedness of the loan each month. The insurance premium each month is based on the current outstanding balance of the principal and interest. So while the monthly loan payment stays the same each month, the dollar amount being applied to the insurance premium and the outstanding balance changes minimally each month.

OPEN END LOAN - coverage is based on the outstanding loan balance each month. The balance the insurance premiums are based on can be either an average daily balance or the balance as of the billing date. Premiums each month are included in the borrowers monthly bill for the charges that month. 

FEATURED AND BENEFITS

  • Single or Joint Coverage available
  • Maximum coverage amount:  $50,000 
  • Maximum entry age:  Open-end loans - terminates at age 71 
  • Termination of coverage:  Loan term or 120 months
  • Employment requirement:  None
  • Exclusion:  
    • Suicide within (1) one year from certificate effective date
    • 6/6 pre-existing condition

Exclusions may apply - See insurance certificate for details | Not available in all states | Rates may differ based on state