Mortgage Life Insurance
What is “morgage life insurance“, and do you need it? Mortgage life insurance might be the first thing that comes to mind when you think of ensuring that your mortgage will be paid off for your family if you die. It might also be the first type of mortgage protection that is offered to you, through the company with which you mortgaged your home in the first place. However, the purpose of mortgage life insurance is more to ensure that the bank gets its money than to ensure that your family gets to keep your home, and is thus often burdensomely expensive. That is why it is better for you and your family to seek alternatives like a ROP or term life insurance policy.
