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Just one last thought for the day. Mortgage life insurance has been one of the biggest rip offs since it’s inception. No matter how it’s packaged it ends up costing far more than you need to spend.

I just found a great example. This particular agency wants you to buy whole life insurance (see the second to the last bullet). How dumb is that. Buy a permanent product for a temporary need.

Some mortgage insurance uses a decreasing term insurance so as the years pass the death benefit decreases. The problem is that the premium is higher than a level death benefit term of comparable length and it doesn’t go down with the death benefit.

Bottom line. Having life insurance to cover a mortgage isn’t a bad idea. Just do it with the right product. Stay away from anything advertised as mortgage insurance.