Why Is It A Good Idea To Get More Life Insurance After Getting A New Mortgage?

The main reason would be to have your outstanding mortgage loan paid off if you died so your spouse doesn’t have to worry about paying off the debt.

Your Creditors may come after your estate to recoup the amount of the outstanding mortgage loan owed them which can create a very financially stressful situation for those involved that are handling your estate’s affairs.

If there is a surviving spouse, he or she may have to make significant changes in their lifestyle choices as they would be losing an assets to pay off the mortgage loan.

So why use your own money to pay off your home mortgage debt when you can use someone else’s – the insurance company? The idea of buying mortgage life insurance is to pay pennies on the dollar instead of dollar for dollar by having a life insurance policy in place to cover the outstanding mortgage loan (a term life insurance policy would be sufficient since a mortgage is only designed to exist for 15, 20 or 30 years, usually.

Here’s how you can learn more about mortgage life insurance and how it works, and compare free rate quotes for mortgage life insurance online today.