Is Mortgage Life Insurance a good buy?

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Mortgage Life Insurance

Shortly after you buy a home or close on a mortgage, you start getting mail from all kinds of organizations who keep track of publicly available information about mortgages. Most of these organizations want to sell you something, and they don't tend to beat around the bush.

"What will your dependents do if you meet with an untimely demise and they are left with a gargantuan mortgage?" they ask.

Fair enough. In fact, it's a good financial-planning question. If your family si dependent upon your income, can they survuive financially if you and your income disappear from life as we know it?

Don't waste your money on mortgage life insurance. You may need life insurance to provide for your family and help meet large obligations such as mortgage payments or educational expenses for children. But mortgage life insurance is grossly overpriced, and it protects the lender more than it does your family.

Please check out our Life Insurance Links page to compare life insurance quotes and find the term policy that best meets your needs.


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