Question:

How to compare mortgage insurance vs life insurance?

Answer:

Chances are, your lender will offer you mortgage life insurance. Why would they do that? A mortgage insurance vs life insurance simply takes care of your mortgage, if anything happens to you. Thus, your family does not stand the chance of losing their home.

A mortgage life insurance benefits the lender, much as the private mortgage insurance, but also benefits the borrower. On the other hand, the term life insurance may include enough coverage to repay your mortgage.

However, unlike term life insurance, which requires payments for a lifetime but also guarantees the return sooner or later, mortgage life insurance may never pay back.

Compared Benefits of Mortgage Insurance vs Life Insurance

The greatest benefit of a mortgage life insurance is that anyone can get it - even if you are an elderly citizen, or a smoker, or if you have a serious health condition because medical exam is not required.

The greatest advantage of a pure term life insurance is that it could have mortgage coverage added to it.

If you already have a term life insurance, you may not need mortgage insurance. However, if you don't and are not eligible for one, you could easily obtain a mortgage life insurance.

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