Buying your house is a huge investment, and purchasers are finding that life insurance is a more flexible and less pricey alternative to the mortgage life insurance they buy from a bank. This makes life insurance another brick in the foundation of a good financial plan.
What’s Wrong With Mortgage Life Insurance ?
When people are in discussions with banks to finance their home they are asked if they want to have their home paid off if they die? Well who would say no to that? Unfortunately, people don’t look at other options that are open to them or shop around for different rates.
When mortgage insurance is purchased through a bank, the coverage decreases as the mortgage is reduced; however the premiums stay the same. What this means is the cost of the coverage goes up as you are paying down your mortgage. Additionally, while mortgage life insurance pays off the loan’s outstanding balance, only the bank gets paid. You get the house, but no cash.
Life Insurance To The Rescue !
Life insurance can help relieve that debt while also adding cash value to your estate for your beneficiaries. Owning your own life insurance gives you...
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