Definitions for "Mortgage redemption insurance"
A plan of decreasing term life insurance designed to provide a death benefit amount that corresponds to the decreasing amount owed on a mortgage loan.
A form of decreasing term insurance that covers the life of a person taking out a mortgage. Death benefits are designed to provide for payment of the outstanding balance of the loan. See Decreasing Term Insurance.
A form of decreasing term insurance that covers the life of a person who takes out a mortgage. If the person dies during the term of insurance, the policy proceeds will approximate the remaining amount of the mortgage loan.