Do I Require Mortgage Life Insurance? - 2003-11-21
QUESTION: My wife and I own a home with a mortgage. At times, we receive offers in the mail to buy mortgage-protection insurance. The offers say that upon the death or disability of either spouse, the insurance will pay for the mortgage. Is this worth the money?
ANSWER: Mortgage-protection insurance, also known as mortgage life insurance or mortgage disability insurance, is designed to pay off the balance on your mortgage if you die or become disabled, respectively.
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