Question:

Should I get mortgage life insurance protection?

Answer:

Your mortgage life insurance protection insures that your family will not have to worry about loss of the house in case of death of the main income contributor. Before you choose your mortgage life insurer, be sure to collect several quotes to avoid paying unnecessarily high rates.

Most Important about Mortgage Life Insurance Protection

The mortgage life insurance cannot be even a day shorter than the mortgage term. It will be good enough to have a 5-year mortgage life insurance if you have 5 years remaining on the mortgage. Just make sure the insurance term does not expire before the mortgage term - be it just a day, you won't have a binding contract between you and the insurer in case anything happens and your family may have to pay off mortgage balance or lose their house.

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