Life Insurance

Should I Buy Mortgage Life Insurance?

Today’s query:
“My boyfriend and I are buying a house together. I recently heard about something called mortgage life insurance. What’s the difference between mortgage life insurance, and regular life insurance?” -Jennifer

Mortgage life is a subsidiary of credit score life. Credit life is insurance coverage, life insurance coverage, that is tied to a particular debt. It could possibly be a bank card, it could possibly be a automobile mortgage, or on this case, a mortgage. It’s life insurance coverage that pays off that debt if you happen to ought to die whereas it’s nonetheless owed.

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  1. I didn't think about people who couldn't get life insurance.
    Otherwise, I say no too. Why would you want to pay extra to mitigate the bank's risk when they are charging you interest to cover their risk?
    Let the beneficiary decide how to dispose of life insurance funds, and let the bank deal with their decision. Especially if you live in your house alone.

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