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.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: