Considering Mortgage Life Insurance?... Think Again
Mortgage life insurance is often times a rip-off. Why? Because you can get a much lower term life insurance rate for a life insurance policy that offers better coverage.
What’s the difference between mortgage life insurance and level term life insurance? Mortgage life insurance is an insurance policy that will repay your mortgage in the event of your death. While life insurance premiums remain level on an individual policy, rates for mortgage life insurance go up. How? Most of the time the mortgage life insurance policy's death benefit decreases as what you owe on your mortgage decreases, thus making this type of insurance more expensive every year.
It doesn’t make sense to buy mortgage life insurance. You should not just insure yourself to provide funds to pay off a single liability, in this case your mortgage. Instead, you should take your overall financial picture into account when shopping for term life insurance quotes.
Accuquote's free online quote system will compare rates for you and find the best Life Insurance rates from Top life insurance companies such as:
TransAmerica Occidental Life
| AIG |
Lincoln Financial Group
| Prudential Financial |
Genworth Financial
See for yourself how much you can save on term life insurance, whole life insurance and universal life insurance.
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