Mortgage Life Insurance Vs. Private Life Insurance

Why do I always tell all my clients not to opt-in for mortgage life insurance offered by the lender ? Simple. You can not specify the beneficiary. The beneficiary is the lender, always. Also, consider that the payments do not decrease even tho the debt in covers decreases with every mortgage payment.

When you purchase a personal life insurance policy, you specify the beneficiary and your payments are for the full value of the policy you purchase.

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