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  Category: Articles » Finance » Insurance » Article

Mortgage Life Insurance: What You Need To Know

By J Brennan

Mortgage insurance is a wise move. Should anything happen to you, your family would be protected by having mortgage insurance, or an extra life insurance policy to cover the mortgage.

Should anything happen to you, your family would be protected by having mortgage paid off. Having the house paid off would secure your family's finances. Or, if you have insurance that is triggered by a disability or being unable to work, then you and your family are covered if something should happen to the finances.

Mortgage insurance actually is such a good idea that many mortgage companies, in fact most of them, insist on it. That is wise on the part of the mortgage company because it provides them with additional security, and makes it easier for them to justify loaning you the money for your mortgage. From a business standpoint it really just makes sense both for you and for them. However, you are not required to purchase the life or disability insurance from the mortgage company, and you can usually get more coverage for less per month with a term policy through another company.

Take, for example, the case of Mary Jones. Mary and her husband Tom worked hard to raise a down payment to buy a home. The Joneses had three children, and they both decided that Mary should stay home with the kids. Tom had a good job and a nice paycheck so it wasn't a burden. However, Tom was tragically killed in an auto crash. This left Mary alone to support the family without an income.

Fortunately Tom had enough life cover to offset his financial contribution to the running of the household. He also had mortgage insurance. Mary received a check from the life insurance company large enough to invest and support her and the kids until they were grown, and another check she used to pay off the mortgage on the home, which took away the largest monthly expenditure. Mary no longer had to worry about making the house payment each month, or dipping into the life insurance money to make the house payment. The mortgage insurance took care of that for them.

Mary's case is not unusual. Each year in the USA many people depend on mortgage insurance when an unexpected tragedy occurs. Mortgage insurance (or additional life insurance to cover the mortgage) can seem like a burden to those who opt for it, until they think about the amount of protection it provides. Mortgage insurance is one of those things that you are very glad to have when you finally need it.
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