October 15, 2014
What is mortgage life insurance? Should you buy it? Other options?
What is mortgage life insurance? Should you buy it? Other options?
Mortgage life insurance is a link of life insurance that pays off your mortgage when you die. It should always be avoided, it is an expensive produce that goes down in value the longer you have your house. You are much better off getting a term policy if you need one that can cover your mortgage. You will not pay as much for the term policy and it will go towards anything you may need the money to pay for and not just the house.
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Right again, Garrett. Let’s review.
Mortgage life pays off the mortgage if you die. It is expensive and should be avoided. If you are concerned about the mortgage if you pass, buy an inexpensive term policy from a place like term4sale.com. Stay away from mortgage life as they slip it in during the last stages of the home buying process.