Question:

What is a mortgage life and disability insurance?

Answer:

A mortgage life and disability insurance is a special decreasing term insurance policy designed to compensate the lender on your behalf, should you die or suffer disability.

With a mortgage life and/or disability insurance, the lender will still receive mortgage payments for as long as you are disabled and as long as the mortgage is repaid.

Should I take a mortgage life and disability insurance?

Well, in case something happens to the primary supporter of the family, the household may lose the home. To avoid this, taking a mortgage life and disability insurance will spare your family the hardship of possible foreclosure and other financial troubles. 

If you and your spouse are elderly citizens and your health is not quite perfect, a mortgage life and disability insurance will make you feel safer about your mortgage. Also, if you are unable to qualify for a life term insurance, having a mortgage life insurance is better than nothing.

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Common misspellings: mortage and morgage