Home Ownership: Term Life Insurance Vs Mortgage Insurance

While life insurance is well-known and common among working adults that have dependents to take care of, mortgage insurance is becoming increasingly popular among prospective homeowners. Both policies allow the insured party to pay off the mortgage but there is a major difference between them. Mortgage insurance only protects the house or property of a person while life insurance allows a payout that can cover other expenses as well such as debts and children’s education. These funds can also be used to protect the beneficiaries from costs such as property taxes. There are certain factors that wouldn’t affect a basic mortgage life insurance application, but they have the potential to… Read More

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