Mortgage Life Insurance – and Why You Don’t Need It
When you get a mortgage, you’re usually offered mortgage life insurance; a life insurance policy that pays off your mortgage if you die. It might seem inexpensive, and good protection against life’s unforeseen circumstances. But mortgage life insurance isn’t nearly the good deal it may appear: here’s why you don’t need it, and what you can do instead. MORTGAGE LIFE INSURANCE: THE BASICS (AND WHY YOU DON’T NEED IT) With mortgage life insurance, if you (the mortgage payor) die, your mortgage is paid off in full. For this privilege, you pay a monthly premium along with your mortgage payment. If you decline mortgage life insurance when applying for your mortgage, you often need to sign waiver forms declining it, which might make you think twice about your
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