Life Insurance
4 months ago
Life insurance for mortgage protection — term vs mortgage life insurance
26
My bank offered me 'mortgage life insurance' when I closed on my house — it pays off the mortgage if I die. The premium seemed high ($68/month for $350k coverage). I'm 36 and healthy. Would a regular term life insurance policy be cheaper and better? With mortgage life insurance, the payout goes to the bank, not my family. With term, my wife could decide how to use the money. Is mortgage life insurance ever a good deal?
DR
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