When you purchase your mortgage, you might be offered a mortgage life insurance as well. However, before signing up for one, do weigh the pros and cons versus a normal term life insurance policy and you may end up saving a lot of money. For example, with mortgage life insurance, the amount of coverage is determined by the amount of mortgage owed. Unlike a term life policy where you can decide how much coverage you need. Once your mortgage is paid, the mortgage insurance is not applicable whereas a term life policy can be kept in effect for as long as you require. And finally, with a term life insurance policy, you determine who your beneficiaries are but with a mortgage life insurance, the lender is automatically the beneficiary. With the right investigations and questions, you will soon realize that a term life policy will have lower premiums and offer more flexibility and coverage than a mortgage life insurance policy.
Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.
