Do I Need Life Insurance for a Mortgage?


You do not need Life Insurance to get a mortgage though Life insurance helps one to get a cut off cost on mortgage and it can be used to pay off the mortgage. Life insurance can also be used as a source of income when one cannot work because of sickness or disability.
Q&A Related to "Do I Need Life Insurance for a Mortgage"
Unlike standard life and disability policies-where, upon receiving an approved claim, a consumer is paid a certain predetermined dollar amount for a predetermined amount of time-mortgage
Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance,
Generally term life insurance to the extent of a mortgage debt , on the life of the household money earners.
Basically, you have mortgage life insurance so that in the event of an untimely death, funds are available to meet any outstanding mortgage balance.
1 Additional Answer
It is no requirment but mortgage lenders encourage all borrowers to take out a life insurance policy, but it's only necessary if you have a partner and/or children.
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