Why You Should Get Mortgage Life Insurance
Critics of mortgage life insurance maintain that this form of life insurance coverage is unnecessary. They state that a traditional term life insurance or whole life insurance policy is sufficient coverage and, therefore, there is no need to purchase mortgage life insurance as well. These skeptics are wrong for several reasons. The truth is, there are a number of reasons to purchase mortgage life insurance, including:
- Prevent Losing Your Home - In the event of your death, the last thing you want to happen is for your family to lose its home. By purchasing mortgage life insurance, you can rest assured that your home will be paid off and will remain with your family. If you are married and your spouse does not make enough money to pay the monthly mortgage payment, this is particularly important coverage to have. The last thing you want is for your family to struggle making this payment in the event of your death.
- Know Your Home is Taken Care Of - Skeptics of mortgage life insurance claim that a term or whole life insurance policy can be made to pay out enough money to cover the mortgage in the event of your death. While this may be true, there is no guarantee that your beneficiary will actually use the money he or she receives in order to pay off the mortgage. In fact, your beneficiary can use that money in way he or she desires a scary thought if your beneficiary tends to be irresponsible at times. With a mortgage life insurance policy, you are guaranteed that your home will be paid off in the event of your passing and your loved ones will continue to have a place to stay.
- Get Coverage With Little Hassles - In many cases, you do not need to undergo a medical examination in order to receive mortgage life insurance. Therefore, if you are ill and would not normally qualify for life insurance or you would have to pay a very high premium in order to get coverage, mortgage life insurance can be a good option for you. In this way, you can still provide your loved ones with some coverage despite the fact that you are too ill to receive other forms of life insurance.
- Save Money on Premiums - In general, mortgage life insurance costs less per month than other types of life insurance. If this is the only big expense in your life, it more than likely makes sense for you to simply have enough coverage to pay it off so you wont burden your loved ones with the expense in the event of your death.
Mortgage life insurance can be your only life insurance policy or it can be used alongside another form of life insurance. The strategy that is best for you depends the amount of your debt and the status of your dependents. No matter your situation, however, it essential to examine all of your options in order to guarantee the security of those you love.
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