Mortgage Life Insurance
For years, mortgage life insurance has been the topic of heated debate among financial planners, lenders, and insurance agents. One side argues the utter waste of money it is, while the other side argues the practicality of it. With opinions flying so wildly, which side of the debate is right? A mortgage life policy is designed to pay off the balance of your mortgage in the event that you die or become disabled. With a person's home being their primary asset, the concern that it be protected is understandable. This is especially the case when someone has children they want to provide a home for in the event they are no longer alive. However, what are the implications of purchasing it?