Jul 23
Is mortgage term life insurance the best type to purchase if I want my family to be able to pay off the mortgage if I died?
Mortgage term life insurance is just one type of term life insurance. Mortgage term life insurance is insurance that is meant to pay off your mortgage in case of your death. It does not provide you with any type of extra cash once the house is paid off.
Traditionally, the amount of mortgage term life insurance policies usually decrease as your morgage obligation decreases. This is a great product if the only thing you’re worried about is your family being able to keep the house, but what about everything else? For instance, will your family have enough money to send the kids to college?
If you want your family to be protected, your best bet is to go with an affordable level premium term life insurance policy. This type of insurance can be purchased in increments of 10, 20 or 30 years. The policy will not decrease and the premium will remain the same for the entire legnth of the policy. This type of policy will ensure that not only the house can be paid off but the standard of living for your family will remain the same.
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