April 28, 2013

When buying a home, what option is better to protect your loves ones if you die? Mortgage life insurance or term life insurance? Why?

3 thoughts on “April 28, 2013”

  1. Katherine Graham says:

    Term life insurance, because you will avoid high priced policies that feed off of your fear of death. Mortgage life insurance is one of the many policies that feeds off of peoples’ fear of death.

  2. Azam Firouzi says:

    Each person should look at the level of term to see cost and benefit before deciding. Term life insurance is usually better option.Since term life insurance is usually much less expensive than mortgage life insurance. Term life insurance also give the beneficiary the right to pay a low mortgage interest rate and invest the term life insurance funds with the higher interest rate, but mortgage life insurance does not have this option.

  3. Mike Finley says:

    Nice job, ladies. Good to see you in the conversation Azam! Let’s recap this point. If you want your mortgage paid off if you were to pass, buy a cheap term policy from a clearinghouse like accuquote.com. BIG POINT: Make sure your spouse or significant other knows what to do with a large lump sum payout from an insurance company. Buying insurance is one step, teaching your loved ones what to do with it is the next step.

    DO NOT buy mortgage life insurance! It is much more expensive than term and it will gradually reduce in value as you build equity in your home. When you are signing those papers as closing, JUST SAY NO to mortgage life insurance.

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