Do I need to buy mortgage life insurance?

Jack HungelmannDear, Insurance Advisor

Mortgage protection insurance is nothing, or mortgage life insurance? Should I buy it? I don't want to leave my two kids with the burden of paying the mortgage.

Term life insurance is sold on the open market is usually more competitive price and allows you to name your children as beneficiaries rather than mortgage companies.

Mortgage life insurance has other disadvantages, too. The premium you pay is often lumped into the home loans, which means you're paying finance charges on the premium. A healthy nonsmoker can often beat the prices of mortgage insurance by as much as 50 percent. A disadvantage is the stillcovered with the House. In other words, it is not possible to transfer regular life insurance is.

Who should buy life insurance from the mortgage company? If you are overweight, have high blood pressure, is a smoker, diabetic, or have other health problems keep you from being the preferred rateor in some cases keep you from getting life insurance at all, check the mortgage life insurance. It may be your only option.

By the way, I'm not a big fan of any type of insurance designed to pay bills, including the mortgagelife insurance. You buy life insurance to minimize the financial impact of your death on your loved ones surviving dependents on your income (i.e., the spouse and children). Determine how to do itwith the support of a good insurance agent or financial planner. Then go out and buy the appropriate amount of insurance.

Wish the good wishes for.

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