If you’re in the process of buying a house, it won’t be long before mortgage life insurance offers start arriving in the mail. Sold by mortgage lenders and insurance companies, mortgage life insurance (sometimes called mortgage protection insurance) pays off your home loan if you die with a balance. The idea sounds sensible: Your family wouldn’t have to worry about mortgage payments if something happened to you, and they lost your income. Related stories How to Shop for Term Life Insurance 4 Advantages of Term Life Insurance The ABCs of PMI: Private Mortgage Insurance But if you really want to protect your family, term life insurance is usually a better choice.
Mortgage Life Insurance Vs. Term Life: The Best Option For Homeowners
Barbara Marquand, NerdWallet.com
Mon, 08/03/2015 - 1:39pm
Topics: personal finance
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