Is Mortgage Life Insurance A Waste Of Money?
Although the answer will vary from person to person, the short answer is 'not necessarily'. There is a time and place for many financial instruments, such is the case with mortgage life insurance. If the mortgage is a primary concern for an individual, it may be worth the decreased cost to go with this type of policy instead of regular life policy, especially if the surviving spouse has income to survive on. This could provide security and a large asset for a spouse that, for the most part, is financially sound. On the other hand, if there are no distinguishing reasons for going with a mortgage life insurance policy, a basic life policy would probably be of better use. For example, a term policy would be inexpensive but would also provide for all the little financial issues that may arise, as well as the mortgage.