The Basic Principle Of Mortgage Life Insurance
While the basic principle of mortgage life insurance is a sound one, there may be better ways to spend your insurance dollars. Most financial planners that criticize it do so because it is so limited in scope. Typically, narrowly targeted insurance is discouraged as the protection it offers is restricted. On the other hand, a large basic life insurance policy has a wide range of value. While it could also be used to pay off your mortgage, it could be used in a myriad of different ways. In fact, someone could determine they did not want to pay off their mortgage and use the money is different ways; the choice is always available. The primary downside to a mortgage policy is that there are no real options it can only be used to pay off our mortgage.