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Video instructions and help with filling out and completing veterans' mortgage life insurance
Congratulations you're officially a homeowner now you get the joy of all the extra costs and benefits associated with owning your own house as you're going to all the paperwork with your banker you're asked do you want to purchase mortgage life insurance on your house puzzled you're not sure you've heard of term life insurance but what is mortgage life insurance hey this is Jeff rose certified financial planner a couple years ago I was asked the exact same question had a client I was getting rid of by their first house and they were asked if they wanted to purchase mortgage life insurance at the time I wasn't really sure what mortgage life insurance was I had term life insurance on myself I had term life insurance on my spouse but what's this mortgage like insurance typically when you buy life insurance you do so to protect the income if something happened to you so if I were to pass away I want to make sure I buy enough life insurance it's going to take care of my spouse it's gonna take care of all our debt including our mortgage to make sure that her and the kids are taken care of so I think of buying mortgage life insurance I'm thinking you're by term right actually the answer is no mortgage life insurance is typically a product that is sold directly from the bank and you're buying it directly to take care of the house so as you continue to make payments on your home or on your mortgage the amount of life insurance declines or reduces over that time frame but here's the big kicker the beneficiary is not your spouse it's not your kids it's the bank or the mortgage company so if something happens to you it goes directly to the bank to pay off your mortgage complete now it sounds like a pretty good deal I guess do I have a declining death benefit amount yes I know you're paying off your mortgage and you want to make sure that's all taken care of but if you're buying a term life insurance of product you're always going to have the same death benefit so if you have $250,000 of coverage today you're gonna have $250,000 of coverage 30 years from now and if you buy it early enough it's going to be relatively cheap very cheap so I looked into actually buying mortgage life in pterence I just didn't see the point the cost wasn't that much cheaper you could get more coverage with term now if I had to say one good thing about mortgage life insurance is that typically there is no underwriting involved so you don't have to go through medical exams and such that you would have to go through with underwriting on a traditional term like product so that may be one instance where you might want to look at buying a mortgage life insurance policy but.